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Aug 29, 2023 16:56 EEST
August 29 (SeeNews) - Bulgaria's Oil and Gas Exploration and Production [BUL:NGAZ] said on Tuesday that its consolidated net profit, excluding minority interest, inched up to 1.80 million levs ($994,689/920,322 euro) in the first half of 2023 from 1.79 million levs in the comparable period of last year.
Profit after tax, including minority interest, came in at 1.83 million levs in January-June, slightly higher than 1.82 million levs reported a year earlier, the company said in an interim financial statement.
The company's operating revenue declined to 20.5 million levs in the six months through June from 27.4 million levs in the first half of 2022. Revenue from sales of products went down by an annual 35% to 8.9 million levs, while sales of goods fell by 18% to 9.8 million levs.
Operating expenses narrowed to some 18.5 million levs from 25.5 million levs, chiefly due to lower costs for materials and goods sold.
Oil and Gas Exploration and Production, in which diversified group Chimimport [BUL:CHIM] owns a combined direct and indirect stake of over 64%, consolidates the results of six units, including wholly-owned subsidiary Bulgarian Petroleum Refinery.
Shares in Oil and Gas Exploration and Production last traded on Monday when they closed at 6.30 levs on the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)
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