April 26 (SeeNews) - Bulgarian car battery manufacturer Monbat [BUL:5MB] said its consolidated pre-tax profit fell by 77.8% year-on-year to 2.1 million levs ($1.3 million/1.1 million euro) in the first quarter of 2018.
The company’s net sales revenue decreased 13.7% year-on-year to 67.5 million levs in the period under review, Monbat said in an interim financial statement late on Wednesday.
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Monbat’s earnings before interest, taxes, depreciation and amortisation (EBITDA) fell by an annual 48.2% to 7.2 million levs in the period January-March.
In March alone, Monbat generated a pre-tax profit of 747,000 levs, 81.7% lower compared to the same month last year. Net sales revenue fell 11.4% to 23.4 million levs. EBITDA fell 50.9% year-on-year to 2.7 million levs in March.
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)