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Bulgaria's Monbat 9-mo net profit falls sharply on drop in revenue

Bulgaria's Monbat 9-mo net profit falls sharply on drop in revenue wavebreakmedia/Shutterstock.com

SOFIA (Bulgaria), November 30 (SeeNews) - Bulgarian battery maker Monbat [BUL:5MB] said that its consolidated net profit, excluding minority interest, shrank to 4.8 million levs ($2.8 million/2.4 million euro) in the January-September period of 2018 from 19.0 million levs in the same period of last year.

The company's operating revenue fell to 213.0 million levs in the first nine months of the year from 231.8 million levs in the like period of 2017, Monbat said in an interim financial statement.

Operating expenses totalled 207.1 million levs in the review period, slightly down from 210.5 million levs a year earlier, die to a decrease in expenses for materials.

Monbat spent 138.5 million levs on raw materials in the first three quarters of this year, compared to 146.1 million levs in the corresponding period of 2017.

Earlier this month, Monbat said it posted an adjusted operating pre-tax profit of 2.0 million levs in October alone, 41% lower on the year, after a 5.2% drop in net sales revenue, to 32.6 million levs.

(1 euro = 1.95583 levs)

 

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