November 15 (SeeNews) - Bulgarian IoT products maker Allterco [BUL:A4L] said its consolidated net profit rose to 11.75 million levs ($6.25 million/6.01 million euro) in the first nine months of 2022 from 10.05 million levs a year earlier.
The improvement was achieved despite write-off charges booked in the period under review, the company said in a financial statement on Monday.
Revenue in the January-September period jumped to 60.8 million levs from 39.5 million levs a year earlier. Allterco said it achieved better-than-expected results in all product categories.
Allterco’s operating costs surged to 46.5 million levs in the period under review from 27.8 million levs a year earlier. Allterco said it increased its investments in sales structures and in research and development (R&D) activities.
Earnings before interest and tax (EBIT) rose by 22.9% on the year to 7.0 million levs.
Looking ahead, Allterco confirmed its full-year forecast for sales revenue of between 45 million euro ($46.8 million) and 46 million euro, compared with 30.4 million euro in 2021. EBIT is expected to reach between 10 million euro and 10.5 million euro in 2022 after 9.6 million euro in 2021.
As at CET 0924 on Tuesday, shares in Allterco traded flat at 20.40 levs on the Bulgarian Stock Exchange.
The company consolidates the results of five wholly-owned subsidiaries, including Allterco Robotics in the US and Germany-based Allterco Europe.
At the start of November, Allterco reported a standalone net loss of 2.1 million levs for the first nine months of 2022 after a loss of 641,000 levs a year earlier. The unfavourable result was due to write-offs connected to settling part of arrears to Link Mobility Group and selling shares in the business, the company said at the time.
(1 euro = 1.95583 levs)