November 30 (SeeNews) - Bulgarian battery manufacturer Monbat [BUL:MONB] said that its consolidated net profit excluding minority interests dropped to 8.2 million levs ($4.3 million/4.2 million euro) in the first nine months of 2022, from 14.85 million levs in the like period of last year, as expenses rose by over 17%.
The profit declined despite a 12.7% yearly growth in consolidated revenue to some 298.4 million levs in the review period, the company said in a bourse filing published on Tuesday.
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Nine-month sales of products rose over 8% on the year, reaching some 269 million levs.
At 129,213 euro ($134,203), the company's exports made up 89.66% of its total sales revenue in the nine months through September. Germany was Monbat's largest market in the reporting period, contributing just over 10% of total consolidated export revenue.
The battery maker's nine-month expenses rose to 279.7 million levs from 238.6 million levs a year earlier, driven by higher costs for materials, hired services and personnel.
Monbat’s consolidated earnings before interest, taxes, depreciation, and amortisation (EBITDA) went down 26% year-on-year to 26.6 million levs in the first nine months of 2022.
In September, the battery maker launched a share repurchase programme under which it plans to buy back up to 1.17 million of its own shares, or up to 3% of its registered equity capital.
Shares in Monbat closed flat at 4.52 levs on Tuesday.
(1 euro = 1.95583 levs)