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Bulgaria's Bulgartabac Holding 9-mo cons net profit drops

Bulgaria's Bulgartabac Holding 9-mo cons net profit drops Author: Bulgartabac Holding. License: All rights reserved.

SOFIA (Bulgaria), December 3 (SeeNews) - Bulgarian diversified group Bulgartabac Holding [BUL:57B] said that its consolidated net profit fell to 3.6 million levs ($2.0 million/1.8 million euro), excluding minority interest, in the first nine months of 2019, compared to a net profit of 8.1 million levs in the same period of 2018.

Bulgartabac Holding's consolidated revenue edged down to 266.6 million levs in January-September from 272.4 million levs in the comparable period of 2018, the company said in a statement on Monday.

The group's operating expenses totalled 263.1 million levs in the review period, little changed from 263.4 million levs the year before.

The assets of Bulgartabac Holding dropped to 594.9 million levs from 832.8 million levs mainly because the diversified group lost its control of Blagoevgrad-based units BL- Retail Real Estate and BL-B.

Haskovo-Tabac and Asenevgrad-Tabac, other units of Bulgartabac Holding, are currently in the process of liquidation, the group said. 

In September, cigarette maker Blagoevgrad-BT, a unit of Bulgartabac Holding, sold 100% of electronics retailer Technomarket Bulgaria to local company Market Investment.

In 2017, the group sold its biggest cigarette brands for more than 100 million euro to British American Tobacco (BAT).

(1 euro = 1.95583 levs)