May 27 (SeeNews) - Bulgaria's Telelink Business Services Group (TBS Group) said on Wednesday it booked a consolidated net profit of 3.6 million levs ($2.0 million/1.8 million euro) in the first quarter of 2020, up from just 323,000 levs in the same period last year.
The comparable figures for TBS Group's financial performance in the first quarter of 2019 are based on data from Telelink Bulgaria, which was the owner of TBS Group's current subsidiaries at the time.
The company's total operating revenue in the first three months of 2020 rose to 37.2 million levs from 20.3 million levs a year earlier, on the back of higher sales revenue, TBS Group said in an interim financial statement.
TBS Group's expenses increased to 33.2 million levs from 19.9 million levs in the like period of 2019, mostly due to a rise in the cost of goods sold to 24.2 million levs from 14.0 million levs.
The company's assets at the end of March amounted to 13.8 million levs compared to 13.2 million levs a year earlier.
Last month, the Bulgarian Stock Exchange admitted to trading theTBS Group shares as of June 1. The indicative reference price per share for the first trading session is 7.6 levs.
TBS Group said in January that its majority owner Lubomir Minchev and the rest of the shareholders with voting rights have decided to offer for sale up to 3.75 million existing shares, equal to 30% interest, in several tranches at a bottom price of 7.60 levs apiece.
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.
In 2017, Telelink reorganised its business into four new companies - Telelink Business Services, Telelink Infra Services, Telelink City Services and Telelink Labs. The four companies became part of newly established holding group Telelink Bulgaria.
(1 euro = 1.95583 levs)