Bulgarian Real Estate Fund boosts net profit 34% in 2023

The company’s total revenue fell to some 22.9 million levs last year from 29.1 million levs in 2022, BREF said in a financial statement at the end of last month. The decline was mostly driven by lower income from real estate sales, which slid to 575,000 levs from 15.6 million levs.

At the same time, BREF cut its operating expenses by 63% year-on-year to 6.1 million levs in the review period, as costs of assets sold plunged to 550,000 levs from some 11.1 million levs.

The company's assets amounted to 166.2 million levs at the end of 2023, up from 158.3 million levs at the end of 2022.

As of 1010 CET on Thursday, shares in BREF traded 3.13% higher at 2.64 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)