December 2 (SeeNews) - Bulgarian IT services management provider Telelink Business Services Group, or TBS Group, [BUL:TBS] said that its consolidated net profit declined to 7.7 million levs ($4.1 million/3.9 million euro) in the first nine months of 2022 from 10.3 million levs in the same period of last year.
The company's operating revenue dropped to 111.8 million levs in the January-September period from 136.7 million levs a year earlier, it said in an interim financial statement earlier this week.
The company's expenses also went down - to 98.3 million levs from 122.2 million levs, mainly due to a drop in cost of goods sold to some 32 million levs from 69.4 million levs. By contrast, there were notable increases in expenses for hired services, by an annual 33.5% to 49.6 million levs, and personnel costs, which rose 26% to 11.1 million levs.
The group's assets increased to 78.6 million levs at the end of September 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.
In October, Bulgarian private equity firm BlackPeak Capital said it invested 8 million euro ($7.9 million) in TBS Group unit Telelink Infra Services to accelerate its European expansion. Telelink Infra Services is part of a consortium which has just started work on a 108.4 million levs ($57.5 million/55.4 million euro) contract to overhaul the Bulgarian interior ministry's TETRA digital system and radio relay network.
Shares in TBS Group closed flat at 11.50 levs on the Bulgarian Stock Exchange on Friday.
(1 euro = 1.95583 levs)