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Bulgaria's Odessos Shiprepair Yard grows H1 net profit, revenue

Author Mario Tanev
Bulgaria's Odessos Shiprepair Yard grows H1 net profit, revenue wrangler/Shutterstock.com

SOFIA (Bulgaria), July 26 (SeeNews) - Bulgaria's Odessos Shiprepair Yard [BUL:5ODE] said on Friday that its net profit rose to 1.3 million levs ($740,000/665,000 euro) in the first half of 2019 from 947,000 levs in the same period of 2018, backed by higher revenue.

Odessos Shiprepair Yard's revenue grew to 16.3 million levs in the January-June period of 2019 from 14.6 million levs the year before, the company said in an interim financial statement.

Odessos Shiprepair Yard repaired 25 ships in the first six months of 2019, booking revenue of 15.6 million levs from these activities. In the first half of 2018, the company carries out repairs on 29 ships for some 14.2 million levs.

The company's operating expenses increased to 15.1 million levs in the review period from 13.7 million levs in the comparable period of 2018, due to higher expenses for materials and hired services.

The ship repair company employed 699 people at the end of June, down from 705 people a year earlier.

Odessos Shiprepair Yard is located in the Black Sea city of Varna.

(1 euro = 1.95583 levs)

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