May 11 (SeeNews) - State-owned postal services company Bulgarian Posts said that its net loss widened to 3.5 million levs ($1.9 million/1.8 million euro) in the first quarter of 2020 from 901,000 levs in the same period of 2019, as the rise in expenses outpaced revenue.
Bulgarian Posts' revenue rose 12% year-on-year to 46.7 million levs in the January-March period of 2020, as operating revenue added 14.9% to 33 million levs, figures from the company's interim financial statement show.
Despite the overall solid increase in revenue, revenue from universal postal services alone dropped 15.1% to 13.7 million levs in the review period.
The company's expenses jumped 17.9% to 50.2 million levs, as operating expenses rose 17.6% to 49.4 million levs.
Bulgarian Posts' business plan envisaged revenue of 42.8 million levs and a net loss of 6.5 million levs in the first quarter of 2020.
(1 euro = 1.95583 levs)