March 1 (SeeNews) - Bulgarian telecommunications and IoT company Allterco [BUL:A4L] said on Thursday its consolidated net profit rose to 2.5 million levs ($1.5 million/1.3 million euro) in 2017 from 1.4 million levs the year before.
The company's total operating revenue grew to 39.4 million levs last year from 32.9 million levs in 2016, Allterco said in a statement.
The revenue from supply of services rose to 31.6 million levs from 28.8 million levs. The operating expenses increased to 36.5 million levs from 31.2 million levs.
On Monday, Allterco said it has signed a term sheet agreement to sell five of its units to Norway's LINK Mobility Group for a total of 8.8 million euro in cash and LINK shares.
"In view of the performance of the IoT business and the investor interest towards it, LINK's offer was evaluated as an incredible opportunity to change the group's development strategy," Dimitar Dimitrov, CEO of Allterco, said in a statement.
The deal includes all shares in Allterco's units in Bulgaria - Teravoice, Tera Communications and Alterpay, as well as its Romania-based subsidiary Teracomm RO and Macedonia-based Tera Communications DOOEL.
With this deal, Allterco is selling its telecommunications operations in Europe and will focus all of its resources in the development of IoT devices, the company said.
The transaction is expected to be completed by April 30.
(1 euro = 1.95583 levs)