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SOFIA (Bulgaria), June 6 (SeeNews) - Bulgarian financial services company Intercapital Group [BSE:IGA], operating under the brand name Cashterminal, said that its net profit increased to 135,000 (77,000/69,000 euro) in 2018 from 22,000 levs in 2017.
Intercapital Group's operating revenue decreased by 10.6% on the year to 4 million levs, mainly due to the fact that the company received 749,000 levs in EU funding for a project in 2017, the financial services company said in an annual financial statement on Thursday.
According to previous statements by the company, the project was worth some 1.1 million levs, 70% of which EU funds, and envisaged the supply and installation of 300 "cash terminals" to the Intercapital Group's network across Bulgaria
Sales revenue increased by 7.38% year-on-year to 4 million levs.
The company's expenses fell 13.5% to 3.8 million levs, again mainly due to costs related to the EU-backed project in 2017.
Intercapital's assets rose by 71.3% to 13.8 million levs at the end of 2018, as its cash and cash equivalents grew to 10.3 million levs at the end of 2018 from 6.0 million levs a year earlier.
The company started trading on the Bulgarian Stock Exchange in Sofia in December 2018. Intercapital Group shares last traded on the Sofia exchange at a price of 1.01 levs apiece, translating into a market capitalisation of 3.89 million levs.
(1 euro = 1.95583 levs)