May 28 (SeeNews) - Bulgarian car battery manufacturer Monbat [BUL:5MB] said its consolidated pre-tax profit fell by 86.1% year-on-year to 1.8 million levs ($1.1 million/920,300 million euro) in the first four months of 2018.
The company’s net sales revenue decreased 15.3% year-on-year to 85.75 million levs in the period under review, Monbat said in a statement late on Friday.
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Monbat’s earnings before interest, taxes, depreciation and amortisation (EBITDA) fell by an annual 55.6% to 8.3 million levs in the period January-April.
In April alone, Monbat generated a pre-tax loss of 325,000 levs. The figure was 109.7% lower compared to the result recorded in the same month last year. Net sales revenue fell 20.9% to 18.2 million levs. EBITDA fell 77.2% year-on-year to 1.1 million levs in April.
In April, the company said that its shareholders have 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, Monbat said it plans to acquire Italian battery recycling company Piombifera Italiana through its subsidiary Monbat Recycling.
(1 euro = 1.95583 levs)