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Oct 31, 2017 11:48 EEST
October 31 (SeeNews) - Bulgarian car battery manufacturer Monbat [BUL:5MB] said its non-consolidated net profit fell by an annual 56.6% to 6.1 million levs ($3.6 million/3.1 million euro) in the first nine months of 2017.
The company’s net sales revenue edged up 0.2% year-on-year to 237.7 million levs in the review period, Monbat said in a statement on Monday.
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Sales on the domestic market generated 32.25% of total sales revenue during the January-September period, while sales abroad contributed 67.75%.
France was the company’s main foreign market, as sales to the country amounted to 13.9 million euro, or 16.9% of total sales abroad.
Monbat’s earnings before interest, taxes, depreciation and amortisation (EBITDA) fell by an annual 41.5% to 11.6 million levs in the period January-September.
In September, Monbat said it plans to acquire Italian battery recycling company Piombifera Italiana through its subsidiary Monbat Recycling.
In August, Monbat said it has signed a Letter of Intent (LoI) with the shareholders of Tunisia-based lead storage batteries manufacturer ASSAD for the acquisition of a majority stake. A due diligence process is underway in ASSAD and the results are expected by the end of December, Monbat said at the time.
In June, Monbat said it fully acquired two German companies - lithium-ion battery producer Gaia Akkumulatorenwerke and lithium-ion cells manufacturer EAS Germany.
Monbat shares closed 0.91% higher at 10.999 levs on Monday.
(1 euro=1.95583 levs)
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