April 19 (SeeNews) - Financial and insurance group Eurohold Bulgaria [BUL:4EH] said its consolidated net profit rose to 18.2 million levs ($11.5 million/9.3 million euro) in 2017, compared to 8.5 million levs the year before.
Eurohold Bulgaria's after-tax profit, which includes net profit attributable to non-controling interests, increased to 24.4 million levs in 2017 compared to 10.2 million levs in 2016, Eurohold Bulgaria said in its audited annual financial report filed with the Sofia bourse late on Wednesday.
Eurohold's subsidiaries recorded a combined after-tax profit of 42.3 million levs in 2017, up from 7.9 million levs the year before. Eurohold Bulgaria posted a non-consolidated net loss of 17.3 million levs last year, compared to a non-consolidated net profit of 2.3 million levs in 2016.
The company's total consolidated operating revenue rose to 1.24 billion levs last year from 1.06 billion levs in 2016.
Insurance activities were the main source of revenue for the group, contributing 1.0 billion levs in 2017, up 19% year-on-year.
Consolidated operating expenses increased to 1.22 billion levs in the review period from 1.04 billion levs in 2016.
In December last year, Eurohold issued 70 million euro of five-year notes carrying a fixed annual interest rate of 6.5% under its euro medium term note (EMTN) programme.
Also in December, the company increased its capital to 197.5 million levs from 161.3 million levs. Eurohold Bulgaria issued 36.2 million shares with a nominal value of 1 lev each at a price of 1.3 levs, raising 47.0 million levs in the process.
Eurohold Bulgaria's portfolio includes companies active in financial services, leasing, insurance and car sales.
(1 euro=1.95583 levs)