October 26 (SeeNews) - Bulgaria's Odessos Shiprepair Yard [BUL:ODES] said that its standalone net profit surged to 12.2 million levs ($6.24 million/6.22 million euro) in the first nine months of 2022 from 5.1 million levs in the same period of 2021.
Revenue climbed to 52.1 million levs in the January-September period from 40.25 million levs a year earlier, the company said in an interim financial statement on Tuesday.
Odessos said it repaired 45 ships in the period under review, up from 38 in the first nine months of 2021. Consequently, income from ship repairs grew to 49.06 million levs from 37.5 million levs.
At the same time, the company's operating expenses rose to 39.3 million levs from 34.96 million levs, mainly due to higher costs of materials as well as increased expenses for hired services and salaries.
Odessos reckons that the international sanctions against Russia could hamper the traffic in the Black Sea, which would reduce ship repair orders. Still, the company believes the impact on its income would not be significant. At this stage, Odessos is unable to make a reliable assessment of the potential long-term effects on its business, it said.
By 0842 CEST on Wednesday, shares in Varna-based Odessos Shiprepair Yard traded flat at 138 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)