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Bulgaria's Monbat doubles 9-mo cons net profit

Author Vasil Kolchev
Bulgaria's Monbat doubles 9-mo cons net profit Photo: Monbat

(None), November 30 (SeeNews) - Bulgarian battery manufacturer Monbat [BUL:MONB] booked a consolidated net profit of 14.9 million levs ($8.6 million/7.6 million euro) in January-June 2021, compared with 7.7 million levs profit in the same period of last year, supported by higher revenue.

The company's consolidated revenue rose to 267.8 million levs in the nine months through September, from 222.7 million levs in the comparable period of 2020, Monbat said in an interim financial statement on Monday.

Monbat's net sales revenue went up by an annual 20.6% to 262.4 million levs in the review period.

Exports accounted for 92.47% of sales revenue in the first three quarters of 2021. Monbat's largest market in that period was Germany with a share of 10.89% of total exports. Saudi Arabia and France followed with shares of 7.36% and 7%, respectively.

Monbat sold its products in more than 75 foreign markets in the first nine months of 2021, according to the financial statement.

The company's expenses increased to 250.3 million levs in the January-September period of 2021 from 213 million levs a year earlier, mostly due to higher expenses for materials.

As at 13:20 CET on Tuesday, shares in Monbat traded flat at 5.70 levs on the Sofia bourse.

(1 euro = 1.95583 levs)