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Nov 02, 2023 16:37 EEST
November 2 (SeeNews) - Energy and insurance group Eurohold Bulgaria [BUL:EUBG] said that its standalone net loss narrowed to some 19 million levs ($10.2 million/9.7 million euro) in the nine months through September from 31.9 million levs in the comparable period of 2022, mainly due to lower expenses.
Eurohold's operating expenses shrank to 24.2 million levs in January-September from some 36.1 million levs a year earlier, the company said in an interim financial statement on Monday. The decline was a result of smaller losses on investment sales and financial instrument transactions, which went down to 47,000 levs from 14.8 million levs.
The company's revenue fell to 5.2 million levs in the review period from 4.2 million levs in the first nine months of 2022 on the back of lower dividend income and revaluation of financial assets.
The diversified group, which operates in 13 European countries, has four subsidiaries and two divisions that were set up to manage and develop its energy business.
Last week, Eurohold said it informed the Romanian government of its intention to launch international arbitration proceedings seeking at least 500 million euro ($526.9 million), after the licence of its unit Euroins Romania was withdrawn.
Shares in Eurohold last traded on Wednesday when they closed at 1.68 levs on the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)
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