June 26 (SeeNews) - Bulgarian car battery manufacturer Monbat [BUL:5MB] said its consolidated pre-tax profit fell by 80.9% year-on-year to 3.0 million levs ($1.8 million/1.5 million euro) in the first five months of 2018.
Monbat’s earnings before interest, taxes, depreciation and amortisation (EBITDA) fell by an annual 51.5% to 11.2 million levs in January-May, Monbat said in a statement late on Monday.
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The company’s consolidated net sales revenue decreased 8.0% year-on-year to 111.4 million levs in the period under review.
In May alone, Monbat posted a pre-tax profit of 1.2 million levs, 59% lower on the year, despite a 29.3% increase in net sales revenue, which amounted to 25.6 million levs during the month.
In April, the company said that its shareholders approved a proposal for setting up a subsidiary in Austria - Monbat Batterien, with a capital of 50,000 euro. The new company will be active in the sales and engineering of electric batteries and oil products.
In September 2017, Monbat said it plans to acquire Italian battery recycling company Piombifera Italiana through its subsidiary Monbat Recycling.
(1 euro = 1.95583 levs)