August 29 (SeeNews) - The consolidated net profit of Bulgaria's Monbat [BUL:5MB] fell sharply to 2.7 million levs ($1.6 million/1.4 million euro) in the first half of the year from 12.1 million levs in the same period of 2017, following a 10% drop in revenue, the car battery manufacturer said on Wednesday.
The company's operating revenue declined to 135.2 million levs in the review period from 150.3 million levs the year before, figures from Monbat's interim financial statement showed.
Monbat's operating expenses totalled 132 million levs in the first six months of the year, down from 136.4 million levs in the corresponding period of 2017.
The car battery maker's expenses for materials fell to 90.7 million levs in the period under review from 97.9 million levs a year earlier, while expenses for hired services rose to 12.6 million levs from 10 million levs the year before.
On Monday, Monbat said that in July it posted a pre-tax profit of 407,000 levs, 34.9% lower on the year, despite a 6.8% rise in net sales revenue, which amounted to 24.5 million levs during the month.
(1 euro = 1.95583 levs)