Bulgaria's TK-Hold nearly doubles 9-mo cons net profit on higher revenue

TK-Hold's operating revenue increased to 13.6 million levs in the nine months through September from 11.8 million levs in the like period of last year, the company said in an interim financial statement.

Operating expenses went up by 2.3% on the year to 9.73 million levs, largely due to a 20% jump in the cost of materials to 5.4 million levs.

TK-Hold has 16 subsidiaries active in various segments of the economy, including textile and furniture manufacturing and dairy goods production. Three of its subsidiaries are in the process of liquidation. TK-Hold owns controlling stakes in all but one of the remaining subsidiaries.

In January, TK-Hold disposed of 129,000 shares in software unit Programni Producti i Sistemi representing 9.96% of its capital. The holding now owns 76.17% of this subsidiary.

Shares in TK-Hold last traded at 6.50 levs on the BaSE market of the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)