May 31 (SeeNews) - Bulgaria's Telelink Business Services Group, or TBS Group, [BUL:TBS] said that its consolidated net profit dropped to 55,000 levs ($30,213/28,121 euro) in the first quarter of 2023 from 1.15 million levs in the same period last year, mostly due to a decline in revenue.
The company's revenue fell to some 28 million levs between January and March this year from 32.1 million levs in the first quarter of 2022, TBS Group said in an interim financial statement on Tuesday.
Net revenue from sales fell by an annual 14% to 27.1 million levs, as sales of goods nearly halved to 8.8 million levs. Sales of services, on the other hand, went up by 22% on the year to 18.2 million levs.
TBS Group's operating expenses decreased to 27.8 million levs in the review period from 30.7 million levs a year earlier, on the back of a 41% drop in costs of goods sold and a positive change in inventory.
Earlier this week, the company said that its three major shareholders have decided to sell an equity stake of up to 25% on the regulated market of the Bulgarian Stock Exchange.
As of 1055 CET on Wednesday, shares in TBS Group traded 1.06% higher at 9.50 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)