January 11 (SeeNews) - Bulgarian investment company Velgraf Asset Management [BUL:VAM] said that its consolidated net profit dropped to just over 1 million levs ($549,266/511,292 euro) in the nine months to end-September 2022 from 1.97 million levs in the same period of 2021.
The company's total revenue edged up to 6.22 million levs in January-September from 6.14 million levs a year earlier, Velgraf Asset Management said in an interim financial report published on Monday.
Overall expenses grew by some 24% year-on-year to 5.2 million levs, mainly due to an increase in the cost of hired services and interest rate costs. Over the same period, the firm's assets grew to 252.4 million levs from 233.8 million levs. Earnings per share dropped to 0.02 levs at end-September last year from 0.03 levs a year earlier.
Velgraf Asset Management has two wholly-owned subsidiaries - Balkan Real Estate Development in North Macedonia and Bulgaria's Prime Mall Ruse, and owns 88.3% of local real estate investment trust ERG Capital-3 REIT. The investment firm's main shareholder, with a 29.88% stake, is private company Kibul, a wholly-owned unit of Switzerland-based Telenor Communications.
Shares in Velgraf Asset Management closed flat at 4.52 levs in its most recent trading session on the Sofia bourse on Tuesday.
(1 euro = 1.95583 levs)