May 31 (SeeNews) - Bulgarian software developer Bianor Holding [BUL:BNR] said that it turned to a consolidated net loss after minority interest of 126,000 levs ($69,216/64,423 euro) in the first quarter of 2023 from a net profit of 2,000 levs in the like period of last year.
Total revenue grew by 23% on the year to 1.52 million levs in January-March, Bianor Holding said in an interim financial statement on Tuesday. Of that, sales revenue generated 1.48 million levs, up 27% in annual terms.
The company's operating expenses widened to 1.7 million levs in the review period from 1.2 million levs a year earlier, as remuneration costs went up by 41% to 712,000 levs.
In March, Bianor signed a definitive agreement to acquire local software developers Itido Technologies and Databreathe as part of its strategy to complement organic growth through acquisitions of Bulgarian software companies. The company also secured a bank loan agreement to finance the transactions earlier this month.
Bianor is currently undergoing a capital increase from 675,222 levs to 1.22 million levs, in which it is offering 545,000 new voting shares at an issue price of 17 levs each.
"In the first quarter of the year, we incurred significant one-off costs related to the acquisitions, the integration of the companies and the capital increase. We expect that in the second and partly the third quarter of the year there will also be some, but in the second half of the year the profit margin is projected to return to the standard levels for the industry," Bianor CEO Kosta Yordanov said in a separate statement.
Shares in Bianor Holding last traded at 17.5534 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)