December 1 (SeeNews) - Bulgarian software developer Bianor Holding [BUL:BNR] said that its consolidated net profit plunged to 364,000 levs ($194,700/186,110 euro) in the first nine months of 2022 from 11.3 million levs in the comparable period of the prior year.
The company’s revenue dropped to 4.09 million levs in the nine months through September from 14.6 million levs a year earlier, Bianor Holding said in an interim financial statement on Tuesday.
At the same time, operating expenses climbed to 3.6 million levs from 3.2 million levs mainly due to higher costs of external services.
Bianor Holding’s main contributor of income is its subsidiary Bianor Services, which specialises in the area of data processing and streaming, in particular video streaming. According to market studies cited by Bianor Holding, the global video streaming segment is expected to grow by about 20% annually until 2030, which gives grounds for positive forecasts regarding Bianor Services’ business.
Bianor Holding added that it intends to expand its portfolio of IT companies in order to diversify the risk in case of market fluctuations in different industries. The group also pursues synergies between its subsidiaries in order to provide more comprehensive IT solutions.
Shares in Bianor Holding last traded at 16.20 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data showed.
(1 euro = 1.95583 levs)