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Bulgaria's Avtomagistrali triples 9-mo net profit on revenue rise

Author Mario Tanev
Bulgaria's Avtomagistrali triples 9-mo net profit on revenue rise Author: Bulgaria's regional development ministry. Licence: All rights reserved.

SOFIA (Bulgaria), November 12 (SeeNews) - Bulgarian state-owned civil engineering company Avtomagistrali said that its net profit grew to 2 million levs ($1.1 million/1.0 million euro) in the first nine months of the year from 684,000 levs in the same period of 2018.

The company's revenue jumped to 57.5 million levs in the January-September period of 2019 from 26.7 million levs in the comparable period of last year, Avtomagistrali said in an interim financial statement.

Operating expenses also rose sharply, to 50 million levs in the review period from 22.1 million levs the year before, as expenses for hired services increased to 39.3 million levs from 14.3 million levs.

In December 2018, Bulgaria's government said it has decided to provide some 1.35 billion levs to Avtomagistrali for construction of 134.2 kilometres of Hemus motorway from Boaza road junction some 100 km. east of Sofia to the city of Veliko Tarnovo, in central-northern Bulgaria. 

The 420-km long Hemus motorway would link Sofia to Varna, on the Black Sea coast. A total of 170 km of the motorway have already been built.

(1 euro = 1.95583 levs)