Bulgaria's Bianor 9-mo cons net profit falls on higher expenses

Total revenue surged by an annual 62% to 6.6 million levs in January-September, Bianor Holding said in an interim financial statement. Of that, sales of services generated some 5.7 million levs, up 69% year-on-year.

In parallel, the company's operating expenses widened to 6.5 million levs in the review period from 3.7 million levs in the first nine months of 2022, mostly due to increases in costs for hired services and remuneration, of 47% and 94%, respectively.

Last month, Bianor raised its capital to some 6.88 million levs from 1.15 million levs by converting part of its undistributed profit. In September, the company said it agreed to acquire local IT infrastructure provider GoToAdmins Group.

As of 0940 CET on Monday, shares in Bianor Holding traded 4.76% lower at 3.60 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)