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May 31, 2023 12:49 EEST
May 31 (SeeNews) - Bulgaria's Oil and Gas Exploration and Production [BUL:NGAZ] said that its consolidated net profit, excluding minority interest, went down to 905,000 levs ($497,146/462,717 euro) in the first quarter of this year from 1.03 million levs in the like period of 2022.
Profit after tax, including minority interest, amounted to 919,000 levs in January-March, down from 1.05 million levs a year earlier, the company said in an interim financial statement on Tuesday.
The company's overall revenue fell to 10.5 million levs in the review period from 13.5 million levs in the first quarter of 2022. Revenue from sales of products declined by an annual 30% to 4.8 million levs, whereas sales of goods shed 7% to 5.2 million levs.
Operating expenses decreased by 23% on the year to some 9.5 million levs in the three months to end-March, chiefly due to lower costs for goods sold and other economic expenses.
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 Tuesday when they closed at 5.00 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)
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