January 29 (SeeNews) - Bulgarian software developer IT Soft [BUL:1BKA] said on Tuesday that its net profit rose to 2.3 million levs ($1.3 million/1.2 million euro) in 2018 from 547,000 levs the year before.
The company's revenue grew to 7.5 million levs last year compared to 3.6 million levs in 2017, IT Soft said in an annual financial statement.
IT Soft bumped up its revenue from offered services by 1 million levs to 4 million levs in 2018.
The company also boosted its interest income to 2 million levs last year from 304,000 levs in 2017.
In addition, IT booked 1.2 million levs in gains from operations with financial assets and instruments in 2018 versus none the year before.
Total expenses rose to 5.2 million levs from 3.0 million levs in 2017, due to an increase in interest expenses, which grew to 1.6 million levs from 210,000 levs.
Last year, IT Soft listed its 7 million levs bond issue on the Bulgarian Stock Exchange. The seven-year bonds, due in 2024, carry an annual coupon of 3.85% with payments due semi-annually.
IT Soft is a wholly-owned unit of Bulgaria's Specialized Logistic Systems [BUL:2SLA].
(1 euro = 1.95583 levs)