May 20 (SeeNews) - Bulgarian diversified group Doverie United Holding [BUL:5DOV] said on Monday that it turned to a consolidated net profit after minority interest of 6.7 million levs ($3.8 million/3.4 million euro) in the first quarter of 2019 from a net loss after minority interest of 987,000 levs in the same period of 2018.
The group's total revenue surged to 45.8 million levs in the January-March period of this year from 29.4 million levs in the comparable period of 2018, Doverie United Holding said in an interim financial statement.
Operating expenses increased to 39 million levs in the first three months of 2019 from 30.8 million levs a year earlier.
Cost of goods sold rose to 13.9 million levs in the review period from 12.3 million levs in the like period of 2018, while expenses for hired services grew to 10.3 million levs from 7.4 million levs the year before.
As at 9:15 CET on Monday, Doverie United Holding shares traded 2.99% lower at 2.60 levs on the Bulgarian Stock Exchange.
Doverie United Holding consolidated the results of 21 subsidiaries, active in various sectors of the economy, including healthcare, insurance, retail trade, real estate, and others.
At the end of March, Doverie United Holding completed the acquisition of a 63.8865% interest in Moldova's Moldindconbank (MICB) through its wholly-owned unit Doverie-Invest. The Bulgarian company is now due to launch a buyout offer for the remaining minority interest.
However, Doverie United Holding did not consolidate Moldindconbank's results for the first quarter, as it is still awaiting approval from Moldova's central bank - BNM, for changes to the management team of the Moldovan lender.
The holding company's largest shareholder at the end of March was local drug maker Sopharma [BUL:3JR] with a 33.31% stake.
(1 euro = 1.95583 levs)