August 30 (SeeNews) - Bulgarian software developer Sirma Group Holding [BUL:SKK] said on Thursday that its consolidated net profit grew sharply to 1.4 million levs ($836,400/715,800 euro) in the first half of 2018 from 184,000 levs in the same period of last year, due to a rise in revenue.
The group's after-tax profit, which includes interest attributable to minority shareholders in Sirma Group Holding's subsidiaries, increased to 2.8 million levs in the first six months of the year from 1.7 million levs in the corresponding period of 2017, figures from the company's consolidated financial statement show.
Sirma Group Holding consolidates the results of six directly owned units - Sirma Solutions, Sirma Enterprise Systems, Syrma Medical Systems, EngView Systems, Ontotext and U.S.-based Sirma Group Inc. - as well as their respective subsidiaries.
Sirma Group Holding generated a consolidated operating revenue of 28.9 million levs in the first half of the year, up from 22.2 million levs in the prior-year period.
The company's revenue from sale of finished goods grew to 10.5 million levs in the review period from 8.2 million levs the year before, while revenue from offered services increased to 17.6 million levs from 13.5 million levs a year earlier.
Total operating expenses to to 26.2 million levs in the period under review from 20.5 million levs in the first six months of last year.
Sirma Group Holding is in the process of increasing its capital, under a prospectus approved by the financial regulator in June. The company is planning to increase its capital to 98.93 million levs from 59.36 million levs via the issuance of 39.57 million shares.
As at 9:45 CET on Thursday, Sirma Group Holding shares traded 2.09% higher at 0.878 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)