November 6 (SeeNews) - Bulgarian state-owned lignite coal mining company Mini Maritsa Iztok said that its net profit narrowed to 2.7 million levs ($1.6 million/1.4 million euro) in the first nine months of the year from 41.0 million levs in the comparable period of 2017, following a decrease in revenue.
Mini Maritsa Iztok's operating revenue fell to 355.8 million levs in the January-September period of 2018 from 409.7 million levs in the corresponding period of 2017, according to figures from the company's interim financial statement.
The coal mining company's expenses totalled 356.4 million levs in the review period, down from 369.6 million levs in the like period of last year.
Expenses for materials fell to 99.8 million levs from 103.8 million levs the year before, while personnel expenses increased to 173.9 million levs from 164.6 million levs a year earlier.
The coal miner spend 29.2 million levs for hiring services during the review period, down from 33.1 million levs the year before.
The company's coal mines in southern Bulgaria sell their output mainly to three thermal power plants located nearby, two of them owned by ContourGlobal and AES, respectively, and one state-owned. The two power plants owned by ContourGlobal and AES generate around 30% of Bulgaria's electricity output.
(1 euro=1.95583 levs)