November 18 (SeeNews) - Bulgarian express delivery company Speedy [BUL:SPDY] said on Friday that its consolidated net profit increased to 23.6 million levs ($12.5 million/12.07 euro million) in the first nine months of 2022 from 21.8 million in the same period of the prior year.
Revenue in the period under review rose to 277.4 million levs from 238.3 million levs a year earlier, the company said in an interim financial statement.
Growth was mainly driven by deliveries in Bulgaria, as well as the recovery of the regional service Speedy Balkan and the deliveries to and from Greece. The rise in prices for the basic services from April 1 also contributed to the growth.
Excluding Speedy Balkan, the company experienced a decline in international deliveries in the last quarter due to lowering consumption in the rest of Europe and the military conflict in Ukraine.
Speedy reported operating expenses of 249.2 million levs for the first nine months of 2022, up from 210.4 million levs a year earlier. The rise was mainly due to higher costs for external services, which rose to 149.3 million levs from 123.7 million levs.
As at CET 1021 on Friday, shares in Speedy traded flat at 100 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)