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Dec 04, 2023 14:53 EEST
December 4 (SeeNews) - Bulgarian civil engineering company Trace Group Hold [BUL:T57] said that it generated a consolidated net profit of 16.9 million levs ($9.4 million/8.6 million euro) in the first nine months of 2023, reversing a consolidated net loss of 4.3 million levs a year earlier, as revenue more than doubled.
Trace Group's total operating revenue jumped to 262.6 million levs in the nine months through September from 117 million levs in the like period of 2022, the company said in an interim financial statement last week.
The company's expenses also widened significantly, reaching 243.7 million levs in January-September against 121.2 million levs a year ago. This was largely the result of costs for hired services growing more than twofold to roughly 130 million levs and costs for materials surging 156% on the year to 83.5 million levs.
In the first nine months of this year, Trace Group's revenue from client contracts went up to 259.3 million levs from 114.9 million levs in the prior-year period.
For the full year 2023, the company expects revenue from client contracts to jump by roughly 78% to 373.8 million levs. Revenue from construction contracts alone is estimated to surge by an annual 88.5% to 371.75 million levs.
The group is active in motorway construction in Bulgaria, Serbia and Romania as well as in the construction of parts of the third metro line in Sofia.
Shares in Trace Group Hold last traded on Friday when they closed at 4.02 levs on the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)
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