March 1 (SeeNews) - Bulgarian diversified group Bulgartabac Holding [BUL:BTH] said that its consolidated net profit, excluding minority interest, rose to 4.1 million levs ($2.5 million/2.1 million euro) in 2020 from 3.6 million levs in 2019.
The group's profit after taxes, including interest attributable to other shareholders in Bulgartabac's units, fell to 2.9 million levs last year from 3.7 million levs in 2019, Bulgartabac said in an annual financial statement published on Friday.
Bulgartabac's consolidated revenue more than halved to 130.8 million levs in 2020 from 266.6 million levs the year before, while expenses dropped to 127.9 million levs from 263.1 million levs.
In December, Bulgartabac Holding said that its shareholders have approved its plan to transfer its majority stakes in former cigarette factories Haskovo-Tabac and Shumen-Tabac [BUL:3JZ] to another one of its units - Blagoevgrad BT. The group also received its shareholders' approval to transfer a storage base in Asenovgrad to Blagoevgrad BT.
In 2017, the group sold its biggest cigarette brands for more than 100 million euro to British American Tobacco (BAT) and has since diversified its investments.
(1 euro = 1.95583 levs)