August 31 (SeeNews) - Bulgarian battery manufacturer Monbat [BUL:MONB] said that its consolidated net profit increased to 11.4 million levs ($6.9 million/5.8 million euro) in the first half of 2021, compared with a profit of 4.1 million levs in the same period of last year, supported by higher revenue.
The company's consolidated revenue rose to 180.4 million levs in the six months through June, from 138.2 million levs in the comparable period of 2020, Monbat said in an interim financial statement on Monday.
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Monbat's net sales revenue went up by an annual 31.1% to 176.3 million in the review period.
Exports accounted for 94.5% of sales revenue in the first half of 2021. Monbat's largest market in that period was Germany with a share of 9.71% of total exports. Saudi Arabia and France followed with shares of 8.34% and 7.60%, respectively.
At the end of June, Monbat sold its products in more than 75 foreign markets, according to the financial statement.
Monbat's expenses increased to 166.7 million levs in the first six months of 2021 from some 133 million levs a year earlier, mostly due to higher expenses for materials.
As at 14:00 CET on Tuesday, shares in Monbat traded flat at 6.40 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)