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Bulgaria's Sirma Group Holding lifts 9-mo cons net profit despite revenue plunge

Author Mario Tanev
Bulgaria's Sirma Group Holding lifts 9-mo cons net profit despite revenue plunge Sirma Group Holding/All rights reserved.

SOFIA (Bulgaria), December 2 (SeeNews) - Bulgarian software group Sirma Group Holding [BUL:SKK] said that its consolidated net profit, excluding minority interest, rose to 4.9 million levs in the first nine months of the year from 3.3 million levs in the same period of 2018.

The Sirma Group Holding group's net profit, including profit attributable to shareholders other than Sirma Group Holding, increased to 5.5 million levs in the review period from 5.3 million levs the year before, the company said in an interim financial statement on Friday.

The group's operating revenue plunged to 29 million levs in the January-September period of the year from 45.2 million levs in the like period of 2018.

Revenue from offered services remained flattish year-on-year at 25.8 million levs, while sales of goods shrank to 1.8 million levs from 18.6 million levs a year earlier.

Operating expenses also dropped, to 23.5 million levs this year from 39.9 million levs in the prior-year period, as cost of goods sold decreased to just 391,000 levs from 16.6 million levs.

The company failed to increase its capital earlier this year, as the total number of subscribed shares failed to cross the minimum success threshold.

Sirma Group Holding is the biggest year-to-date decliner among Bulgarian Stock Exchange blue chips, with a 28.1% decrease to 0.65 levs per share.

(1 euro = 1.95583 levs)