November 3 (SeeNews) - Bulgarian IoT products maker Allterco [BUL:A4L] said it recorded a significant increase in its standalone net loss in the nine months through September - to some 2.1 million levs ($1.04 million/1.07 million euro) from 641,000 levs in the like period of 2021.
The weaker performance reflects write-offs connected to settling part of arrears to Link Mobility Group and selling shares in the business, Allterco said in an interim financial statement earlier this week.
The IoT products maker made a payment of 751,000 levs under an agreement to repay Link Mobility Group total arrears of some 3.05 million levs. Allterco also incurred a loss of 119,000 levs related to the sale of Link Mobility shares.
The company gained 201,000 levs from the sale of its ownership in three subsidiaries.
Allterco’s non-consolidated revenue increased to 472,000 levs in the first nine months of 2022 from 271,000 levs a year earlier.
The company's operating expenses grew to 2.5 million levs in the review period from 912,000 levs the year before. That was mainly the result of sharp rises in costs for hired services, by 183% year-on-year to 736,000 levs, and in salary costs, by 184% to 751,000 levs.
Allterco also said that it has not yet completed its 3.3 million euro ($2.9 million) agreed acquisition of Slovenian sector player GOAP d.o.o. Nova Gorica.
The company announced last month that its overall revenue from sales of IoT devices and related services rose by an annual 49.8% in the nine months through September to a preliminary 57.7 million levs.
As at 1534 CET on Thursday, shares in Allterco traded 1.60% higher at 19.00 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)