September 29 (SeeNews) - Bulgarian port towage company Port Flot-Burgas [BUL:P2B] said that its net profit fell to 356,000 levs ($213,000/182,000 euro) in the first quarter of 2020 from 466,000 levs in the same period of 2019, due to a rise in expenses.
Port Flot-Burgas' expenses grew to 1.7 million levs in the first three months of the year from 1.3 million levs in the same period of 2019 due to an increase in commission fees, amortisation costs and expenses for hired services, the company said in an interim financial statement, published on Monday.
The company's revenue rose to 2.1 million levs in the review period from 1.8 million levs the year before, thanks to higher revenue from port towage, hauling and pushing services at state-owned Port of Burgas.
Port Flot-Burgas shares started trading on the Bulgarian Stock Exchange in 2019. The company is majority owned by ARZ Holding-2002, which held 69.21% interest at the end of March.
(1 euro = 1.95583 levs)