Bulgaria's Energoremont Holding 9-mo non-cons net loss widens

The company’s operating revenue rose to 40.7 million levs in January-September from 22 million levs in the comparable period of last year, Energoremont said in a bourse filing.

Its operating expenses rose to 47.8 million levs in the period under review from 23.7 million levs the year before.

In July, Dutch-based maintenance and engineering services provider Dietsmann acquired 97% of Energoremont for an undisclosed sum. It plans to use Energoremont as a stepping stone for expansion in Bulgaria and in the wider Balkans region, a senior representative of Dietsmann has said.

Last month, Dietsmann offered to buy out the remaining minority stake in Energoremont at 4.15 levs ($2.55/2.12 euro) per share. However, the Financial Supervision Commission temporariliy banned the publication of the tender offer earlier this month, without disclosing details about its decision.

Energoremont and its seven affiliate companies manufacture power equipment, spare parts and metal structures for the power engineering, chemistry and metallurgy industries. It has representative offices in Serbia, Macedonia, Kosovo and Turkey.

(1 euro=1.95583 levs)