May 5 (SeeNews) - Online betting operator Telematic Interactive Bulgaria [BSE:TIB] said on Thursday that its standalone net profit rose to 6.1 million levs ($3.3 million/3.1 million euro) in the first quarter of 2022, compared to 4.6 million levs in the like period of last year.
At 22.5 million levs, total operating revenue in the review period was 31.6% higher than in the first quarter of 2021, the company said in an interim financial report, which is the first since it completed a public listing in March.
As much as 85% of the revenue was generated from online casino operations, with sports betting making up the balance of 15%, the company which owns the PalmsBet brand added.
Telematic Interactive's expenses also increased, to 15.8 million in the January-March period from 12 million levs in the first three months of last year. The increase was due to a 26.3% jump in the cost of hired services as well as a near-tripling of personnel expenses.
The Russian invasion has hindered Telematic Interactive's plans for expansion in Ukraine. The company has already registered a subsidiary, Palms Bet Ukraine, but has halted its planned investments for the time being.
The current financial statement does not consolidate the results of Telematic Interactive Bulgaria's subsidiary CT Interactive.
As at 1508 CEST, shares in Telematic Interactive traded unchanged at 46.90 levs on the Bulgarian Stock Exchange.
(1 euro = 1.9558 levs)