August 29 (SeeNews) - Bulgarian IoT products developer Allterco [BUL:A4L] said on Thursday that it turned to a consolidated net profit excluding minority interest of 747,000 levs ($422,000/382,000 euro) in the first half of 2019 from a net loss of 411,000 levs in the same period of 2018.
Allterco's operating revenue grew to 24.1 million levs in the January-June period of 2019 from 18.3 million levs in the comparable period of 2018, the company said in an interim financial statement.
The company's operating expenses rose to 23.0 million levs in the review period from 18.5 million levs the year before. Expenses for hired services increased to 15.7 million levs from 13.8 million levs, while cost of goods sold more than tripled to 2.9 million levs from 858,000 levs.
Earlier this month, Dimitar Dimitrov - Allterco's CEO, told local business news outlet Investor.bg that the company is considering distributing an interim dividend for the first half of 2019.
Last month, Allterco wrapped up the sale of five of its telecommunications subsidiaries to Norway's LINK Mobility Group for 7.9 million euro ($9.0 million). Allterco sold its units in Bulgaria - Teravoice, Tera Communications and Allterpay, as well as its Romania-based subsidiary Teracomm RO and Macedonia-based Tera Communications DOOEL.
Allterco received 60% of the price in cash and a further 20% is shares in Victory Partners VIII Norway Holding - the sole owner of LINK Mobility Group. The remaining 20% will be paid on a deferred basis within two years.
(1 euro - 1.95583 levs)