November 1 (SeeNews) - Energy and insurance group Eurohold Bulgaria [BUL:EUBG] said that its standalone net loss widened to 31.9 million levs ($16.2 million/16.3 million euro) in the first nine months of 2022 from 20.65 million levs in the same period of 2021, as a result of one-off impairment from the divestment of subsidiaries.
Eurohold's revenue nearly doubled to 4.2 million levs in January-September from 2.3 million levs a year earlier, the company said in an interim non-consolidated financial statement on Monday.
The group's expenses jumped to 36.1 million levs in the review period from 22.9 million levs in January-September 2021, on costs associated with the sale of financial assets and instruments.
Eurohold incurred a goodwill impairment of 13.4 million levs from the agreed disposals of car leasing businesses Eurolease Group and Auto Union to Asterion Bulgaria. Thus, its adjusted standalone loss declined year-on-year to 18.5 million levs.
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.
In September, Eurohold's Netherlands-based subsidiary Eastern European Electric Company (EEEC) acquired full ownership of Electrohold Sales and Electrodistribution Grid West, two of the former Bulgarian units of Czech energy company CEZ. In the same month, Eurohold invested 75,000 euro to increase the capital of EEEC.
In October, the group set up a wholly-owned subsidiary, Electrohold EPC, active in project design, construction and delivery.
The company has called an extraordinary general meeting on November 28. It plans to ask shareholders to approve a plan to seek financing of 75 million euro to 100 million euro.
Shares in Eurohold closed flat at 2.00 levs on the Bulgarian Stock Exchange on Monday.
(1 euro = 1.95583 levs)