Bulgaria's Odessos Shiprepair Yard Q1 net profit falls 31% y/y

The company's total revenue declined to 21.2 million levs in January-March from 24.3 million levs in the comparable period of 2023, Varna-based Odessos Shiprepair Yard said in an interim financial statement on Wednesday.

In parallel, the company's operating expenses narrowed to 16.6 million levs from 17.7 million levs a year earlier due to a change in inventory.

A total of 11 ships were repaired at the company's facilities in the first three months of 2024, down from 19 a year earlier. Revenue from ship repairs fell to some 20.5 million levs from 23.3 million levs in the first quarter of 2023.

Shares in Odessos Shiprepair Yard last traded on Monday when they closed at 330.00 levs on the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)