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Bulgaria's TBS Group H1 cons net profit grows on higher revenue

Bulgaria's TBS Group H1 cons net profit grows on higher revenue Photo: Telelink Business Services / All rights reserved.

SOFIA (Bulgaria), September 2 (SeeNews) - Bulgaria's Telelink Business Services Group (TBS Group) [BUL:TBS] said that its consolidated net profit went up to some 8.1 million levs ($4.9 million/4.1 million euro) in the first half of 2021 from 6.4 million levs in the same period of 2020, supported by higher revenue.

The group's revenue rose to over 100 million levs in the first six months of this year from 66.1 million levs levs in the comparable period of last year, mainly backed by higher revenue from sales of goods, TBS Group said in an interim financial statement earlier this week.

TBS Group's expenses also increased - to 90.6 million levs in the six months through June from 58.7 million levs in the year-ago period, as costs of goods sold rose to 56 million levs from 28.8 million levs.

The group's assets amounted to 85.5 million levs at the end of June, up from 66.9 million levs a year earlier.

TBS Group was spun off from local company Telelink Bulgaria in July 2019, becoming the sole owner of IT infrastructure, information security and digital transformation solutions provider Telelink Business Services and several other units of Telelink, engaged in similar activities.

As at 12:30 CET on Thursday, shares in TBS Group traded flat at 14.70 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)

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