August 23 (SeeNews) - Bulgarian tobacco group Bulgartabac Holding [BUL:57B] said on Tuesday its first-half consolidated net profit shrank 68.9% year-on-year to 11.4 million levs ($6.6 million/5.8 million euro).
The company's operating profit dropped by an annual 67.4% to 14.4 million levs in January-June, as operating revenues plunged 48% to 133.1 million levs, it said in a bourse filing.
As of April 1, Bulgartabac halted exports to the Middle East, blaming negative media publicity, and cut some 400 jobs as a result.
To counter that negative effect, the company has been actively researching the possibilities for entering new markets or boosting its presence on existing markets, it said.
Bulgartabac shares jumped 10.2% on the Sofia bourse on Tuesday to close at 30 levs.
In May, Bulgartabac Holding revised its 2015 consolidated net financial result to a loss of 22.2 million levs from an initially reported profit of 56.6 million levs to reflect newly booked huge impairments worth 86.1 million levs.
In March, Dubai-based TGI Middle East FZE acquired a 12.22% stake in Bulgartabac for 59.4 million levs from controversial local businessman Delyan Peevski, who sold his officially-owned 5% stake in the company, and Italian businessman Edoardo Miroglio, who sold his 7.22% shareholding.
(1 euro=1.95583 levs)