September 1 (SeeNews) - Bulgarian IoT products developer Allterco [BUL:A4L] said that its consolidated net profit excluding minority interest rose to 2.9 million levs ($1.8 million/1.5 million euro) in the first half of 2020 from 747,000 levs in the same period of 2019.
The company's operating expenses declined to 15.3 million levs in the review period from 23.0 million levs the year before, as expenses for hired services fell to 5.2 million levs from 15.7 million levs, Allterco said in an interim financial statement on Friday.
Allterco’s consolidated revenue amounted to 18.6 million levs in the first six months of the year, down from 24.1 million levs a year earlier due to a significant drop in revenue from sales of services - to 3.8 million levs from 17.3 million levs.
In July, Allterco said that it expects its consolidated sales in 2020 to exceed its initial forecast of 34 million levs, after the upbeat performance of its largest unit - Allterco Robotics, in the first half of the year.
Allterco Robotics boosted its sales to 15.9 million levs in the first six months of 2020 from 6.9 million levs in the same period of last year, Allterco said in a bourse filing at the time.
As at 11:00 CET on Tuesday, Allterco shares traded unchanged at 3.88 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)