November 4 (SeeNews) - Bulgarian Real Estate Fund REIT (BREF) [BUL:BREF] said that its net profit rose to 5.22 million levs ($2.61 million/2.67 million euro) in the first nine months of 2022 from 2.88 million levs in the same period of 2021 due to significant revenue growth.
The company’s revenue surged to 20.9 million levs in the January-September period from 5.96 million levs a year earlier, BREF said in an interim financial statement earlier this week. Income was particularly boosted by the sale of Mr. Bricolage shop in the city of Varna during the second quarter, the company added.
BREF’s operating expenses in the January-September period climbed to 14.98 million levs from 2.58 million levs a year earlier, as costs of assets sold soared to 10.9 million levs from 759,000 levs.
The company's total assets amounted to 151.5 million levs at the end of September, down from 153.3 million levs at the end of June. The decline was due to lower funds in BREF’s bank accounts after the firm paid a dividend for 2021.
As at CET 1009 on Friday, the company's shares traded flat at 2 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)