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Bulgaria's Mini Maritsa Iztok cuts 2018 net profit, lifts profit in Q1

Author Mario Tanev
Bulgaria's Mini Maritsa Iztok cuts 2018 net profit, lifts profit in Q1 Author: Mini Maritsa Iztok. Licence: All rights reserved.

SOFIA (Bulgaria), May 3 (SeeNews) - Bulgarian state-owned coal mining company Mini Maritsa Iztok said that its net profit fell to 1.4 million levs ($798,000/716,000 euro) in 2018 from 5.6 million levs in 2017.

The company's total revenue fell 6.26% to 533 million levs in 2018, while its expenses dropped 5.21% to 529.7 million levs last year, Mini Maritsa Iztok said in an annual financial statement.

Mini Maritsa Iztok's revenue from coal sales fell 6.32% to 507.5 million levs last year. Local thermal power plants (TPPs) accounted for the majority of Mini Maritsa Iztok's coal sales. 

Over 48% of the company's coal sales revenue was formed by state-owned TPP Maritsa Iztok 2. A further 24.9% and 17.98% were contributed by nearby TPP ContourGlobal Maritsa Iztok 3 and AES Maritsa Iztok 1, respectively.

In a separate financial report on Friday, Mini Maritsa Iztok said that its net profit rose to 17.3 million levs in the first quarter of 2019 from 10.8 million levs in the same period of 2018.

Mini Maritsa Iztok's total revenue rose to 151.6 million levs in the first three months of 2019 from 129.2 million levs in the comparable period of 2018. The company's expenses totalled 134.3 million levs in the January-March period, up from 118.4 million levs a year earlier.

(1 euro = 1.95583 levs)

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