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SOFIA (Bulgaria), December 2 (SeeNews) - Bulgarian car battery maker Monbat [BUL:5MB] said that its consolidated net profit, excluding minority interest, soared to 12.3 million levs ($6.9 million/6.3 million euro) in the January-September period of 2019 from 3 million levs in the same period of 2018.
Monbat's revenue grew to 239.9 million levs in the first nine months of 2019 from 211.8 million levs in the comparable period of 2018, the company said in an interim financial statement on Friday.
Monbat booked 90% of its sales revenue from exports. Germany was the company's largest market, accounting for 11.3% of Monbat's sales abroad, followed by France and South Korea with 9.1% and 7.1%, respectively.
Exports to South Korea were at the hearth of the company's revenue rise, as Monbat's exports totalled 7.7 million euro in the review period, compared to just 443,000 euro in the same period of 2018.
The company's expenses rose to 227.4 million levs in the review period from 207.9 million levs the year before, as expenses for materials increased to 164.1 million levs from 138.8 million levs.
(1 euro = 1.95583 levs)