February 28 (SeeNews) - Bulgarian diversified group Synergon Holding [BUL:6S7] said that it turned to a consolidated net profit, excluding minority interest, of 3 million levs ($1.7 million/1.5 million euro) in 2019 from a net loss of 12.3 million levs in 2018.
Synergon Holding lifted its operating revenue to 368.5 million levs last year from 311.1 million levs in 2018, the company said in an annual financial statement on Thursday.
The rise in revenue was mostly due to higher sales of electricity, and construction and heating materials, Synergon Holding said. In addition, the company's result was positively impacted by the sale of Grand Hotel Plovdiv by Synergon Hotels.
The group's operating expenses increased to 364.5 million levs in 2019 from 326.2 million levs the year before, as cost of goods sold grew by 47.8 million levs to 292.9 million levs.
Synergon Holding shares last traded on the Bulgarian Stock Exchange at a price of 0.91 levs, down 1.1% year-to-date.
Synergon Holding was set up in 1996 as a privatisation fund under Bulgaria's voucher privatisation programme. The fund was transformed into a holding structure the following year. It has more than 25 subsidiaries and affiliated companies operating in various sectors of the Bulgarian economy.
(1 euro = 1.95583 levs)