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Bulgaria's Monbat Q1 non-cons net profit slides 31% y/y as expenses grow

Bulgaria's Monbat Q1 non-cons net profit slides 31% y/y as expenses grow Photo: Monbat

SOFIA (Bulgaria), May 4 (SeeNews) - Bulgarian car battery manufacturer Monbat [BUL:MONB] said that its standalone net profit decreased to roughly 4.3 million levs ($2.2 million/2.3 million euro) in the first three months of 2021 from 6.2 million levs in the like period of 2021, as a consequence of higher expenses.

Monbat's revenue inched down 1% to 88.9 million levs in the first three months of the current year, the company said in an interim financial statement published on Friday.

Operating expenses climbed to 84.1 million levs in the review period from 82.8 million levs in the first quarter of 2021, as expenses for materials grew nearly 9% to 56.2 million levs. The cost of goods sold and expenses for hired services were also on the rise.

Exports formed 86.8% of the company's total sales revenue in the review period, with Spain emerging as Monbat's largest market in the first quarter of 2021, contributing 8.3% of total export revenue. At the same time, the domestic market accounted for 13.17% of total first-quarter net sales, or some 11.3 million levs.

Shares in Monbat were trading without change at 5.50 levs on the Bulgarian Stock Exchange as at 1212 CET on Wednesday.

(1 euro = 1.95583 levs)

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