February 28 (SeeNews) - Bulgaria's Industrial Capital Holding [BUL:4I8] said that its consolidated net profit after minority interest fell to 2.6 million levs ($1.5 million/1.3 million euro) in 2019 from 3 million levs in 2018.
Industrial Capital Holding's profit after taxes, including interest attributable to other shareholders in the group's units, decreased to 15.4 million levs last year from 16.9 million levs in 2018, the company said in an annual financial statement on Thursday.
The significant difference between the company's profit before and after minority interest is mainly due to the minority stakes it holds in the two biggest companies, which it consolidates - cables producer Emka [BUL:57E] and hydraulic equipment manufacturer M+S Hydraulic [BUL:5MH]. Industrial Capital Holding controls a 33.12% stake in Emka and 22.16% interest in M+S Hydraulic.
The group lowered its consolidated revenue to 224.5 million levs in 2019 from 243.4 million levs the year before.
Operating expenses decreased to 207.2 million levs from 224.5 million levs in 2018, as expenses for materials fell by 13.4 million levs to 136.6 million levs.
The holding company's assets increased to 175.4 million levs at the end of 2019 from 168.2 million levs a year earlier.
Industrial Capital Holding owns stakes in ten local companies and consolidates the results of five of them - machinery manufacturer Siloma, supporting components maker Rubolt, cables producer Emka, hydraulic equipment manufacturer M+S Hydraulic and abrasive tools producer ZAI.
Industrial Capital Holding shares last traded at a price of 1.8 levs on the Bulgarian Stock Exchange, down 5.3% year-to-date.
(1 euro = 1.95583 levs)