May 16 (SeeNews) - Bulgarian IoT products maker Allterco [BUL:A4L] said its consolidated net profit increased to some 6 million levs ($3.3 million/3 million euro) in the first quarter of this year from 3.9 million levs in the like period of 2022.
The company's revenue in January-March surged to 27.7 million levs from 17.6 million levs a year earlier, Allterco said in an interim financial statement on Monday.
Increased investment in sales and development over the past year has already started to pay off, with strong revenue growth recorded across most regional markets, Allterco said, adding that revenue in German-speaking countries doubled, to 7.2 million euro.
Operating expenses jumped by an annual 58% to 20.8 million levs in the review period, as the book value of assets sold went up to 12.4 million levs from 7.8 million levs.
The company consolidates the results of six subsidiaries, five of which are wholly-owned, including Shelly USA, Inc in the U.S. and Germany-based Allterco Europe GmbH.
In January, Allterco said that it acquired 60% of Slovenian peer GOAP in what is the first stage of its agreed takeover of the company, with the value of the completed deal amounting to 2 million euro.
As of 0955 CET on Tuesday, shares in Allterco traded 2.24% higher at 22.80 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)