August 30 (SeeNews) - Bulgarian IoT company Allterco [BUL:A4L] said that it turned to a consolidated net loss of 411,000 levs ($245,700/210,140 euro) in the first half of 2018 from a net profit of 148,000 levs in the same period of last year, despite a 4.4% increase in revenue.
Allterco's total operating revenue increased to 18.3 million levs in the first six months of the year from 17.5 million levs in the corresponding period of 2017, the company said in an interim financial statement published after trading hours of the Bulgarian Stock Exchange on Wednesday.
Revenue from offered services gained an annual 27.2% to 16.3 million levs, while sales of finished goods declined 59.9% to 1.8 million levs in the review period.
The company's operating expenses amounted to 18.5 million levs in January-June, up from 17.2 million levs the year before.
Expenses for hired services grew 10% year-on-year to 12.4 million levs in the period under review, while personnel costs fell 2% to 2.7 million levs.
In February, Allterco said it has signed a term sheet agreement to sell five of its units to Norway's LINK Mobility Group for a total of 8.8 million euro in cash and LINK shares. The deal includes all shares in Allterco's units in Bulgaria - Teravoice, Tera Communications and Alterpay, as well as its Romania-based subsidiary Teracomm RO and Macedonia-based Tera Communications DOOEL.
(1 euro = 1.95583 levs)