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Bulgaria's Speedy posts rise in H1 cons net profit, grows revenue

Author Mario Tanev
Bulgaria's Speedy posts rise in H1 cons net profit, grows revenue Author: Speedy. Licence: All Rights Reserved.

SOFIA (Bulgaria), July 31 (SeeNews) - Bulgarian express delivery company Speedy [BUL:0SP] said on Wednesday that its consolidated net profit rose to 7.4 million levs ($4.2 million/3.8 million) in the first half of 2019 from 5.9 million levs in the same period of 2018, despite posting an 8% decrease in the second quarter alone, to 4 million levs.

As at 13:30 CET on Wednesday, Speedy shares traded 2.04% higher at 50.0 levs on the Bulgarian Stock Exchange.

Speedy's revenue grew to 107.3 million levs in the first six months of the year from 81.0 million levs in the corresponding period of 2018, the company said in an interim financial statement.

Domestic market operating revenue rose 21.2% to 55.9 million levs, while operating revenue abroad soared 49.9% to 46.0 million levs.

The group completed 18.4 million deliveries in the review period, up 40.3% year-on-year.

Speedy's expenses increased to 99.0 million levs in the first half of 2019 from 74.3 million levs the year before. The rise was mainly due to higher expenses for hired services, which added 27.9% to 59.5 million levs, and a 34.6% increase in personnel costs, to 22.7 million levs. 

The company's investments in the first half of 2019 amounted to 11.3 million levs, 90% of which in new vehicles.

Speedy's assets amounted to 159.7 million levs at the end of June, slightly up from 159.0 million levs.

Speedy consolidates the results of its units DPD Romania, Rapido Express and Logistics, Geopost Bulgaria and OMG.

(1 euro = 1.95583 levs)