March 1 (SeeNews) - Bulgarian telecommunications and IoT products company Allterco [BUL:A4L] said on Friday that its consolidated net profit excluding minority interest edged up to 2.8 million levs ($1.6 million/1.4 million euro) in 2018 from 2.7 million levs the year before.
As at 15:45 CET on Friday, Allterco's shares traded 5.08% higher at 2.48 levs on the Bulgarian Stock Exchange.
The company grew its revenue to 45 million levs last year from 39.8 million levs in 2017, figures from Allterco's unaudited financial statement showed.
Revenue from sale of services increased to 33.6 million levs from 31.8 million levs a year earlier, while goods sales rose to 10.9 million levs from 7.4 million levs in 2017.
Total expenses grew to 41.9 million levs last year from 36.8 million levs the year before, on the back of higher cost of goods sold, as well as more expenses for hired services and salaries.
At the end of 2018, Allterco's shareholders approved a proposal to sell the company's five telecommunications subsidiaries to Norway's LINK Mobility Group for a price of at least 7.9 million euro.
The deal includes all shares in Allterco's units in Bulgaria - Teravoice, Tera Communications and Allterpay, as well as its Romania-based subsidiary Teracomm RO and Macedonia-based Tera Communications DOOEL.
The deal was initially expected to be completed by the end of April, but the negotiations between the two companies were temporarily suspended as Victory Partners VII Norway launched a takeover offer for LINK Mobility Group.
(1 euro = 1.95583 levs)