December 7 (SeeNews) - Bulgarian telecommunications services provider Allterco [BUL:A4L] said on Wednesday its consolidated net profit rose to 1.7 million levs ($932,000/867,600 euro) in the first nine months of the year, from 208,000 levs in the same period last year.
The company's total consolidated revenues rose by an annual 24% to 23.5 million levs in the nine-month period, Allterco said in a bourse filing.
Total costs added 16% year-to-year to 21.7 million levs in the period under review.
In October, Allterco successfully closed an initial public offering (IPO) on the Sofia bourse as 1.5 million shares with a nominal value of 1 lev were subscribed for at a price of 1.45 levs per share.
Around 70% of the IPO proceeds will be used for the production, implementation and improvement of the company's projects for home control system SHE and for children's watches MyKi. The rest of the funds will be invested into expansion of the company's telecommunications business.
Allterco operates on eight markets worldwide. It generates 43% of its revenues in Bulgaria, 16% in the U.S., 15% in Singapore, 14% in Romania and 10% in Malaysia.
In Southeastern Europe, the Sofia-based company has offices in Romania, Serbia and Macedonia.
Allterco partners with over 20 mobile operators in seven countries on three continents and its services reach around a billion users.
The company had a turnover of over 28 million levs last year. It has over 100 employees, most of them based in Bulgaria.
Allterco closed 1.40% lower at 1.765 levs on Wednesday in a turnover of 4,443 shares.
(1 euro = 1.95583 levs)