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Bulgaria's Mini Maritsa Iztok turns to 9-mo net loss on rise in expenses

Author Mario Tanev
Bulgaria's Mini Maritsa Iztok turns to 9-mo net loss on rise in expenses Author: Mini Maritsa Iztok / All rights reserved.

SOFIA (Bulgaria), November 5 (SeeNews) - Bulgarian state-owned coal mining company Mini Maritsa Iztok said that it turned to a net loss of 7.8 million levs ($4.4 million/4.0 million euro) in the first nine months of 2019 from a net profit of 2.7 million levs in the comparable period of 2018.

Mini Maritsa Iztok's sales revenue rose to 361.5 million levs in the January-September period of 2019 from 349.3 million levs in the same period of last year, the company said in an interim financial statement.

The company lifted its output by 5,929 tonnes to 325,289 tonnes in the review period.

Total operating expenses grew to 378.8 million levs from 355.1 million levs a year earlier.

Expenses for materials increased to 108 million levs in the review period from 99.9 million levs the year before, while expenses for hired service edged up to 31.6 million levs from 29.2 million levs.

Personnel expenses slightly decreased to 172.7 million levs from 173.9 million levs in the prior-year period.

Amortisation and depreciation costs grew to 68.5 million levs in the first nine months of 2019 from 61.1 million levs the year before.

Mini Maritsa Iztok employed an average of 7,267 people throughout the first nine months of the year, down by 65 compared to the same period of 2018.

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)