November 30 (SeeNews) - Bulgarian civil engineering contractor Trace Group Hold [BUL:T57] reported a consolidated net loss of 4.34 million levs ($2.3 million/2.22 million euro) for the first nine months of 2022, after posting a profit of 2.24 million levs in the same period of 2021.
The company’s operating expenses widened to 119.9 million levs in the period under review from 101.05 million levs a year earlier, Trace Group said in an interim financial statement on Tuesday.
According to the statement, cost of material jumped to 32.6 million levs from 13.7 million levs, while costs of goods sold rose to 11.4 million levs from 4.18 million levs.
Eventually, the total expenses exceeded Trace Group's revenue although it increased to 116.6 million levs in the nine months through September from 105 million levs a year earlier. The largest portion of revenue, or 83.48%, came from construction contracts. Income from such contacts climbed by 18.31% on the year to 97.3 million levs, the company said.
As at CET 1506 on Wednesday, shares in Trace Group traded flat at 3.70 levs on the Bulgarian Stock Exchange.
Trace Group Hold's activities include rehabilitation, reconstruction and construction of roads, highways, airports, underground stations and underground railways and stations, surface railroads and facilities, urban infrastructure and road marking.
In October, a consortium led by Trace Group Hold and comprising Italy's Consorzio Armatori Ferroviari and Bulgaria's Start Engineering won a 169.7 million euro ($176.2 million) contract to rebuild and upgrade a section of the railway line in Serbia connecting Nis to Dimitrovgrad.
(1 euro = 1.95583 levs)