May 27 (SeeNews) - Bulgarian telecommunications and IoT products company Allterco [BUL:A4L] said on Monday that it turned to a consolidated net profit after minority interest of 615,000 levs ($352,000/314,000 euro) in the first quarter of 2019 from a net loss of 500,000 levs in the same period of 2018.
The company's total revenue grew to 11.8 million levs in the January-March period of 2019 from 9.6 million levs in the comparable period of last year, Allterco said in an interim financial statement.
Total expenses increased to 11.0 million levs in the review period from 10.0 million levs the year before, following a rise in cost of goods sold.
Last month, Norway's LINK Mobility Group filed for approval from Bulgaria's competition authority to acquire five telecommunications subsidiaries of Allterco. In December 2018, Allterco received approval from its shareholders to sell its five subsidiaries to LINK Mobility Group for at least 7.9 million euro ($8.9 million).
The deal was initially expected to be completed by the end of April 2018, but the negotiations between the two companies were temporarily suspended as Victory Partners VII Norway launched a takeover offer for LINK Mobility Group.
(1 euro = 1.95583 levs)