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Sep 01, 2023 14:52 EEST
September 1 (SeeNews) - Bulgarian financial and insurance group Starcom Holding [BUL:S28H] said on Friday that its consolidated net profit excluding minority interests grew to 99.4 million levs ($55.1 million/50.8 million euro) in the first half of 2023, up from 19.8 million levs a year earlier, mainly on the back of growth in its energy business.
The holding’s operating revenue went up by an annual 2.6% to 2.14 billion levs in January-June, Starcom said in an interim financial statement.
At the same time, operating expenses narrowed to 1.65 billion levs from 1.86 billion levs a year earlier, on lower expenses for energy operations.
Starcom Holding owns a controlling 50.08% interest in energy and insurance group Eurohold Bulgaria [BUL:EUBG], which includes Electrohold Bulgaria and Euroins Insurance Group (EIG). Other majority- or fully-owned subsidiaries of Starcom are Bulgarian lender First Investment Bank's Russian division, London-based Hanson Asset Management, Starcom Finance, Swiss Global Asset Management and Hong Kong-registered Quintar Capital Limited.
In June, Starcom increased its equity ownership of Hanson Asset Management by acquiring 1,554 shares for 440,000 British pounds ($557,645/514,434 euro).
(1 euro = 1.95583 levs)
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