January 31 (SeeNews) - Bulgarian IoT products maker Allterco [BUL:A4L] said its non-consolidated net profit dropped by 70% on the year to 988,000 levs ($547,012/505,156 euro) in 2022 due to higher costs.
Operating expenses rose to 2.95 million levs in 2022 from 1.52 million levs a year earlier, the company said in a financial statement on Monday.
Remuneration costs surged to 1.19 million levs from 389,000 levs due to the increased number of members of the board of directors. Additionally, operating expenses rose because of the company’s listing in Frankfurt and the write-off of receivables.
According to the financial statement, the company’s revenue decreased to 4.58 million levs last year from 5.37 million levs in 2021. Allterco said it did not record sales on a standalone basis last year and 99.6% of its revenue was formed by dividend income. In 2022, Allterco also booked a 119,000 levs loss from operations with financial assets after a sale of shares in Norway's Link Mobility Group.
On a consolidated basis, Allterco revealed earlier in January a preliminary revenue of 47.5 million euro ($51.4 million) from sales of devices and related services for 2022, up 56.1% on the year. The company plans to publish its consolidated annual report on April 28.
As at 1112 CET on Tuesday, shares in Allterco traded 1.40% lower at 21.20 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)