Bulgaria's Kintex reports sharp drop in 9-mo net profit, revenue

Kintex's operating revenue dropped to 75 million levs in the January-September period of 2019 from 231.4 million levs in the comparable period of last year, the company said in an interim financial statement.

The company's revenue was largely formed by exports to Nigeria and Algeria, which are expected to continue in the fourth quarter. The company has also submitted new offers in tenders launched by the two African countries, it said.

Operating expenses also fell sharply, to 66.3 million levs in the review period from 198 million levs the year before, as cost of goods sold decreased to 51.3 million levs from 164.1 million levs.

Kintex, established in 1966, became a joint stock company wholly owned by the state in 1992. Kintex is specialized in exports of products manufactured by Bulgarian defence and machine-building industries.

(1 euro = 1.95583 levs)