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Bulgaria's Sirma Group 9-mo net profit falls nearly 70%

Bulgaria's Sirma Group 9-mo net profit falls nearly 70% wrangler/

SOFIA (Bulgaria), November 23 (SeeNews) - Bulgarian software developer Sirma Group Holding said its consolidated net profit fell 69.7% to 2.4 million levs ($1.3 million/1.23 million euro) in the January-September period.

The group's nine-month consolidated sales revenues rose to 21 million levs from 19.4 million in the year-ago period, Sirma Group said in a financial report filed with the Sofia bourse.

The company's operating profit edged up to 2.6 million levs in the period under review from 2.3 million levs in the like period in 2014.

Sirma Group's consolidated financial revenues in the nine months ending September were a negative 217,000 levs, versus a positive 5.6 million levs in the same period last year.

On Monday, the company's shares started trading on the Bulgarian Stock Exchange under the ticker [BUL:SKK].

Sirma Group listed 59,360,518 regular shares with a nominal value of 1 lev. Out of the total number of shares listed, 9,523,362 are new shares which investors subscribed for during an Initial Public Offering (IPO) for 1.2 levs per share.

Sirma Group's IPO is the biggest on the Bulgarian stock exchange for the past eight years.

Sirma Group Holding, founded in 1992 simultaneously in Bulgaria and Canada, employs more than 300 and operates on five continents. The company is active in semantic technology, mobile applications, enterprise resource planning, business intelligence, electronic government, financial and bank services.

(1 euro = 1.95583 levs)