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Bulgaria's TBS Group Q1 cons net profit soars on higher revenue

May 31, 2024, 10:32:27 AMArticle by Mihaela Miteva
share
May 31 (SeeNews) - Bulgaria's Telelink Business Services Group, or TBS Group, [BUL:TBS] said its consolidated net profit surged to 2.3 million levs ($1.3 million/1.2 million euro) in January-March from 55,000 levs in the comparable period of 2023.

Bulgaria's TBS Group Q1 cons net profit soars on higher revenue
Photo: Telelink Business Services

TBS Group's overall revenue jumped to 41.6 million levs in the first quarter of 2024 from some 28 million levs in the prior-year period, the company said in an interim financial statement on Thursday.

Net sales revenue soared by an annual 52% to 41.2 million levs, with domestic sales accounting for 62% of the total. They were followed by sales to Serbia, making up 12% of the revenue, and Croatia with 6%.

In parallel, operating expenses widened to 38.7 million levs in the review period from 27.8 million levs a year earlier as a result of higher costs for hired services and remuneration, as well as costs for goods sold and a change in inventory.

The company's assets stood at some 146.6 million levs at the end of March, up from 136.5 million levs at the end of 2023.

Last month, TBS Group said it finalised the acquisition of Croatian IT, communication and software solutions provider Sedam IT in a deal worth 9 million euro ($9.7 million).

As of 0930 CEST on Friday, shares in TBS Group traded flat at 8.80 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)

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