October 27 (SeeNews) - Bulgarian car battery manufacturer Elhim Iskra [BUL:52E] said on Tuesday that it turned to a net loss of 699,000 levs ($423,000/357,000 euro) in the first nine months of 2020 from 686,000 levs in the same period of 2019.
Elhim Iskra's revenue decreased to 23.1 million levs in the first three quarters of the year from 27 million levs in the comparable period of 2019, the company said in an interim financial statement.
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The coronavirus pandemic severely affected the company's exports to Italy, Spain, France and Russia, the car battery maker said.
Expenses also fell, to 23.8 million levs in the review period from 26.3 million levs the year before, due to lower expenses for materials.
Elhim Iskra expects its sales in the full year to fall by an annual 9-10% to slightly over 30 million levs. The company also expects to close the year with a net loss, but said it can not currently project its size.
Elhim Iskra is part of local blue-chip diversified group Stara Planina Hold [BUL:5SR]. The Pazardzhik-based company exports over 90% of its output.
(1 euro = 1.95583 levs)