September 26 (SeeNews) - Bulgarian battery manufacturer Monbat [BUL:5MB] said on Wednesday that its consolidated pre-tax profit fell by 69.3% year-on-year to 4.9 million levs ($2.9 million/2.5 million euro) in the first eight months of 2018.
Monbat’s earnings before interest, taxes, depreciation and amortisation (EBITDA) declined by an annual 28.7% to 19.3 million levs in January-August, Monbat said in a statement.
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The company’s consolidated net sales revenue decreased 2.4% on the year to 191.4 million levs in the period under review.
In August alone, Monbat posted a pre-tax profit of 1 million levs, 23.5% lower on the year, despite a 37.7% rise in net sales revenue, which amounted to 30.6 million levs during the month.
Earlier on Wednesday, Monbat said it has decided not to pursue the acquisition of a majority stake in Tunisian peer L'Accumulateur Tunisien Assad.
"In the course of the final stage of the due diligence process of L’accumulateur Tunisiene Assad there were subsequent matters disclosed which are challenging the originally expected value creation and are increasing the level of enterprise risk for Monbat," the company said in a bourse filing.
(1 euro = 1.95583 levs)