May 27 (SeeNews) - Bulgarian battery maker Monbat [BUL:5MB] said on Wednesday that its consolidated profit before taxes from ongoing operations dropped by 54.5% to 3.8 million levs ($2.1 million/1.9 million euro) in the first four months of the year.
The company's reported results exclude its LED lighting operations.
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Monbat’s earnings before interest, taxes, depreciation and amortisation (EBITDA) decreased by an annual 25.6% to 10.7 million levs in the January-April period of 2020, the battery maker said in a statement.
The company’s consolidated net sales revenue fell 11.9% to 93.1 million levs in the first four months of the year.
The company's year-on-year result development is negatively affected by the fact that in 2019 it booked EBITDA of 1.3 million levs in March from the state subsidy for recycling of scrap batteries received by its Serbian unit, while the subsidy for this year is expected to be paid in June, Monbat explained.
In April alone, Monbat's consolidated profit before taxes from ongoing operations fell 14.2% to 593,000 levs, as sales decreased 19.9% to 25.9 million levs.
(1 euro = 1.95583 levs)