Bulgaria's Monbat Q1 cons net profit slumps 78% y/y

Total operating revenue declined to 91.4 million levs in the first quarter of 2024 from 105.4 million levs a year earlier, the company said in an interim financial statement on Thursday. Consolidated revenue from client contracts fell by 12% on the year to 89.3 million levs.

The company's exports came in at 42.2 million euro ($45.6 million) in the review period, making up 92.4% of its net sales revenue. France was Monbat's largest market, contributing 5.11 million euro, or 12.1% of the total consolidated export revenue.

The battery maker's expenses narrowed to some 89 million levs in the three months through March from 103 million levs a year earlier as a result of lower costs for materials and a change in inventory.

As of 1430 CEST on Friday, shares in Monbat traded flat at 3.00 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)