May 4 (SeeNews) - Bulgarian construction company Trace Group Hold [BUL:T57] said that its business generated a standalone net loss of 1.18 million levs ($634,810/603,320 euro) in the first quarter of 2022 compared to a net loss of some 424,000 levs in the like period of last year, as revenue continued to slide.
Trace Group Hold's total operating revenue decreased to 7.2 million levs in the first three months of this year from 8.3 million levs in the comparable period of 2021, it said in an interim financial statement published on Friday.
The bulk of the revenue came from construction contracts, which accounted for 5.75 million levs, or 16.47% less than in the first quarter of last year.
The company's operating expenses shrank 6.3% to around 8 million levs in the review period, mostly due to a surge in the cost of materials to 1.7 million levs from 162,000 levs even as expenses for hired services dwindled.
In the three months to March, the construction company generated close to 70% of its total revenue, excluding financial, from activities on the home market, with the balance of about 30% generated from operations in Serbia.
Trace Group Hold also projected a 28.2% increase in revenue from client contracts in the second quarter of 2022, including a 30.6% surge in revenue from construction contracts.
Shares in Trace Group Hold closed flat at 3.96 levs on the Bulgarian Stock Exchange on Tuesday.
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.
(1 euro = 1.95583 levs)