March 18 (SeeNews) - Bulgarian software company Sirma Group Holding [BUL:SKK] said on Wednesday that the coronavirus disease (COVID-19) pandemic poses risk to its operations, as the global spread of the infection could sharply reduce the number of projects and sales.
The risks to the activities of Sirma Group Holding's units are related to the possibility for a global economic crisis to occur, which would lead to a significant drop in technology investment-related projects and sales - by the economy as a whole, or by some of its sectors, the software group said in a statement.
There is also a limited risk of a decrease in sales volumes due to the cancellation of trade exhibitions and conferences.
It is impossible to assess the existing risks on the basis of information currently available, the group noted.
Earlier this month, Sirma Group Holding said that its consolidated net profit, excluding minority interest, dropped to 3.9 million levs ($2.2 million/2 million euro) in 2019 from 6.9 million levs in 2018, as revenue remained flattish. The group's consolidated revenue edged down to 61.7 million levs last year from 61.9 million levs a year earlier.
Last year, the company failed to increase its capital, as the number of subscribed shares remained below the success threshold.
(1 euro = 1.95583 levs)