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Bulgaria's Stara Planina Hold more than doubles 9-mo cons net profit

Bulgaria's Stara Planina Hold more than doubles 9-mo cons net profit Ken Teegardin/CC BY-SA 2.0

SOFIA (Bulgaria), November 26 (SeeNews) - Bulgarian diversified group Stara Planina Hold [BUL:SPH] said on Friday that its consolidated net profit excluding minority interest increased sharply to 11.2 million levs ($6.5 million/5.7 million euro) in the first nine months of 2021 from 4.9 million levs a year earlier.

The group’s profit after taxes, including interest attributable to other shareholders in Stara Planina Hold’s subsidiaries and affiliates, rose to 24.6 million levs in the January-September period from 12.5 million levs in the same period of 2020, the company said in an interim financial statement.

The difference in Stara Planina Hold’s after-tax and net profit is mostly due to the minority interest it owns in the largest company which it consolidates - hydraulic equipment manufacturer M+S Hydraulic [BUL:MSH].

Stara Planina Hold’s consolidated revenue went up to 208.2 million levs from 152 million levs, while expenses increased to 181.2 million levs from 138 million levs.

As at 14:35 CET on Friday, shares in Stara Planina Hold traded 2.91% lower at 10 levs on the Bulgarian Stock Exchange.

Stara Planina Hold's investment portfolio includes companies from the sectors of machine-building, electrical engineering and perfumery and cosmetics.

(1 euro = 1.95583 levs)