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Apr 25, 2023 15:03 EEST
April 25 (SeeNews) - Bulgaria's Odessos Shiprepair Yard [BUL:ODES] said on Tuesday that its net profit surged to 6.6 million levs ($3.7 million/3.4 million euro) in the first quarter of 2022 from 1.99 million levs in the like period of last year as revenue more than doubled.
Odessos Shiprepair Yard grew its revenue to 24.3 million levs in the January-March period from 11.6 million levs a year earlier, it said in an interim financial statement.
Revenues from the repair of ships added 46.1% on the year in the review period, despite difficulties caused by the pandemic fallout and the war in Ukraine, the company said. It added that it repaired 19 ships during the first three months of this year against 12 in the first quarter of 2022.
Expenses at the company also rose significantly, by over 83% on the year, to 17.6 million levs as cost for hired services nearly trebled. Expenses for materials and personnel also marked solid increases, of 48% and 46%, respectively, although staff numbers declined to 730 as at end-March compared to 763 a year earlier.
Shares in Odessos Shiprepair Yard last traded on the Bulgarian Stock Exchange on Monday, when they closed unchanged at 185.00 levs for a market capitalisation of 108.5 million levs.
(1 euro = 1.95583 levs)
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