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Nov 01, 2017 11:22 EEST
November 1 (SeeNews) - Financial and insurance group Eurohold Bulgaria [BUL:4EH] said on Wednesday its consolidated net profit fell to 8.2 million levs ($4.9 million/4.2 million euro) in the first nine months of the year from 15.1 million levs in the like period of 2016.
Operating revenue rose by an annual 18% to 880.5 million levs in the January-September period, Eurohold Bulgaria said in an interim financial report filed with the Sofia bourse.
Insurance activities were the main source of revenue for the group, contributing 715 million levs in the nine months through September, up 21% year-on-year.
Operating expenses increased to 868.2 million levs in the review period from 731.2 million levs the year before.
On Monday, Bulgaria’s financial regulator said it has approved the prospectus of Eurohold Bulgaria for a capital increase via the issuance of 40.3 million new shares. Eurohold Bulgaria will issue the shares, which have a nominal value of 1 lev each, at a price of 1.3 levs apiece.
Also on Monday, Fitch said it has assigned Euroins Romania Asigurare Reasigurare an insurer financial strength (IFS) rating of 'BB-', and Eurohold Bulgaria AD a long-term issuer default rating (IDR) of 'B', both with stable outlook.
The ratings agency also said it has assigned Eurohold's 200 million euro medium term note (EMTN) programme ratings of 'B'/'RR4'.
Eurohold Bulgaria's portfolio includes companies in the financial services, leasing, insurance and car sales sectors.
(1 euro=1.95583 levs)
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