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Bulgaria's Sirma Group Holding grows Q1 cons net profit, revenue

Author Mario Tanev
Bulgaria's Sirma Group Holding grows Q1 cons net profit, revenue Sirma Group Holding/All rights reserved.

SOFIA (Bulgaria), June 3 (SeeNews) - Bulgarian software developer Sirma Group Holding [BUL:SKK] said that its consolidated net profit after minority interest rose to 1.85 million levs ($1.1 million/946,000 euro) in the first quarter of 2019 from 582,000 levs in the same period of 2018.

The group's revenue grew to 16.6 million levs in the first three months of the year from 12.7 million levs in the comparable period of 2018, Sirma Group Holding said in an interim financial statement last week.

Revenue from sale of goods rose to 6.7 million levs in the review period from 4.4 million levs the year before, while services revenue increased to 9.5 million levs from 8.0 million levs in the year-ago period.

Sirma Group Holding's expenses rose to 14.4 million levs in the January-March period of 2019 from 11.3 million levs in the like period of 2018, mostly due to a rise in cost of goods sold.

The group's assets edged up to 146.4 million levs at the end of March from 145.7 million levs a year earlier.

However, current liabilities continued to outweigh current assets - 31.1 million levs versus 28.8 million levs.

(1 euro = 1.95583 levs)