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Bulgaria's Monbat Q1 non-cons net profit plunges 65% y/y

May 10, 2024, 4:02:27 PMArticle by Mihaela Miteva
share
May 10 (SeeNews) - Bulgarian battery manufacturer Monbat [BUL:MONB] said its standalone net profit slumped to 2.4 million levs ($1.3 million/1.2 million euro) in the first quarter of 2024 from some 6.8 million levs in the comparable period of last year.

Bulgaria's Monbat Q1 non-cons net profit plunges 65% y/y
Image source: Monbat

Monbat's revenue declined by an annual 12% to 80.2 million levs in the first three months of this year on the back of a fall in sales of goods, to 13 million levs from 21.7 million levs, the company said in an interim financial statement last week.

Operating expenses also narrowed, to 77.4 million levs in January-March from 88.4 million levs a year earlier, chiefly due to lower costs of goods sold and a change in inventory.

At some 35.2 million euro ($37.8 million), exports accounted for 87% of the company's total sales revenue in the three months through March. Germany remained Monbat's largest market in the review period, contributing 12% of total standalone export revenue, or some 4.2 million euro. France, Italy, Spain and Romania rounded off the company's top five export destinations.

As of 1500 CEST on Friday, shares in Monbat traded 1.82% lower at 3.24 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)

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