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Bulgaria's Avionams H1 net profit falls on lower revenue

Author Mario Tanev
Bulgaria's Avionams H1 net profit falls on lower revenue Author: Peter Gronemann Licence: Creative Commons

SOFIA (Bulgaria), August 5 (SeeNews) - Bulgarian state-owned aircraft repair plant Avionams said that its net profit fell to 3.0 million levs ($1.7 million/1.5 million euro) in the first half of 2019 from 4.3 million levs in the same period of last year.

Avionams' revenue fell to 18.6 million levs in the review period from 20.0 million levs the year before, the company said in its first-half financial statement.

The aircraft repair plant's expenses edged down to 15.6 million levs in the first six months of the year from 15.7 million levs in the comparable period of 2018.

Expenses for materials and hired services nearly halved to 6.6 million levs in January-June from 11.3 million levs in the like period of 2018. The drop was offset by a 5.2 million levs decrease in inventory during the first half of 2019.

Avionams' assets amounted to 35.1 million levs at the end of June, up from 33.7 million levs a year earlier.

The company reported a net cash inflow of some 4.1 million levs in the review period.

Avionams employed an average of 295 throughout the first half of 2019, down from 303 in the same period of 2018.

(1 euro = 1.95583 levs)