May 20 (SeeNews) - Bulgarian diversified group Doverie United Holding [BUL:5DOV] said on Wednesday that its consolidated net profit, excluding minority interest, dropped to 2 million levs ($1.1 million/1 million euro) in the first quarter of 2020 from 6.7 million levs in the same period of 2019.
The group's profit after taxes, including minority interest attributable to other shareholders in Doverie's units, fell to 3.2 million levs in the January-March period of 2020 from 6.7 million levs in the prior-year period, the company said in an interim financial statement.
The lower profit was due to the company booking 10.1 million levs of net profit from the sale and acquisition of subsidiaries in the first quarter of last year, versus none in the first three months of this year.
However, Doverie United Holding's consolidated revenue jumped to 72.1 million levs in the review period from 45.8 million levs the year before, as the company reported 23.6 million levs of net income from banking operations this year versus none the year before.
Last year, Doverie United Holding's unit Doverie Invest acquired 77.63% interest in Moldovan lender Moldindconbank (MICB).
Doverie United Holding owns majority stakes in over 20 companies active in various sectors of the economy, including healthcare, insurance, banking, retail trade, real estate, and others.
At the end of March, Sopharma was Doverie United Holding's largest shareholder, with a 24.98% stake.
As at 10:45 CET on Wednesday, Doverie United Holding's shares traded 5.29% lower at 3.40 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)