November 2 (SeeNews) - Bulgarian car battery manufacturer Monbat [BUL:MONB] said that its standalone net profit slipped to 8.7 million levs ($4.4 million/4.4 million euro) in the first nine months of 2022 from 17.8 million levs in the comparable period of 2021, as revenue declined.
Monbat's non-consolidated revenue amounted to just over 245 million levs in the January-September period against some 264 million levs a year earlier, the company said in an interim financial statement published earlier this week.
Monbat's expenses also went down in the review period - by about 4% year-on-year to 235.3 million levs, with costs of materials and goods sold remaining flattish.
At 103,198 euro ($102,065), exports made up 86.27% of the company's total sales revenue in the nine months through September. Germany was Monbat's largest market in the review period, contributing 9.87% of total standalone export revenue.
Monbat's sales to Russia represented 3.07% of its total nine-month export sales, down from 6.24% a year earlier. Sales to Ukraine and Belarus accounted for around 0.74% of total exports, compared to 1% in the same period of 2021.
The company had a workforce of 464 as at September 30.
Looking ahead, Monbat said it does not expect a decline in full-year financial results due to a potential increase in the price of lead, as the selling price of manufactured products is proportionately adjusted to lead prices on global commodity exchanges.
Monbat shares closed flat at 4.76 levs on the Bulgarian Stock Exchange on Tuesday.
(1 euro = 1.95583 levs)
($ = 1.01121 euro)