Bulgaria's Sirma Group swings to 9-mo cons net loss on higher costs

The reversal came as operating expenses expanded to 58.2 million levs in the reporting period from 38.5 million levs a year earlier, Sirma said in an interim financial statement on Tuesday.

According to the data, the company’s remuneration costs jumped to 24.2 million levs from 15.4 million levs.

At the same time, revenue improved to 58.9 million levs from 44.4 million levs. Growth was mainly driven by software services, which generated sales of 26.5 million levs in the review period after 16.8 million levs a year earlier. Additionally, sales of IT equipment went up by 13.76% on the year in January-September, to 16.18 million levs.

Sirma Group has eight direct wholly- or majority-owned subsidiaries and owns indirectly a further 10 businesses, including in the US, Latin America and Germany.

As at 1225 CET on Wednesday, shares in Sirma traded 3.45% lower at 0.70 levs on the Bulgarian Stock Exchange.

The company said earlier in November that it will hold a general meeting on January 9 to seek the approval of its shareholders for a planned distribution of six-month dividend totalling 889,135 levs.

(1 euro = 1.95583 levs)