August 31 (SeeNews) - Financial and insurance group Eurohold Bulgaria [BUL:EUBG] said that it recorded a consolidated net loss excluding minority interest of 4.6 million levs ($2.8 million/2.3 million euro) in the first half of 2021, higher than the net loss of 339,000 levs reported for the same period of last year.
With minority interest included, the group's consolidated net loss grew to 3.4 million levs in the first six months of 2021 from 412,000 levs in the comparable period of 2020, Eurohold Bulgaria said in an interim financial statement on Monday.
The group's total revenue rose to some 929 million levs in the January-June period of 2021 from 776.7 million levs a year earlier.
Eurohold's expenses, however, also increased - to 934.2 million levs, from 777.6 million levs in the first half of 2020.
According to a bourse filing published by Eurohold on Monday, the group's revenue from its insurance business rose 19% year-on-year to 814.2 million levs.
At the end of June, the group's assets exceeded 1.7 billion levs, up 6% compared to the end of last year.
"The results for the first half of the year still do not take into account the performance of the newly acquired subsidiaries of CEZ Group, which will be consolidated in the report for the first nine months of the year. Apart from our energy assets, Eurohold is gradually regaining its position from before the COVID-19 crisis. The integration and development of our energy companies will significantly contribute to an upward trend in the upcoming periods," Kiril Boshov, chairman of Еurohold 's management board, said in the statement.
At the end of last month, Eurohold Bulgaria completed the acquisition of the local assets of Czech energy group CEZ for 335 million euro ($396.5 million). The group, through its wholly-owned subsidiary Eastern European Electric company, acquired 67% interest in electricity distributor CEZ Distribution Bulgaria and power supplier CEZ Electro Bulgaria [BUL:CZD], as well as 100% of the shares of licensed electricity trader CEZ Trade Bulgaria, IT services company CEZ ICT Bulgaria, solar park Free Energy Project Oreshetz, biomass-fired power plant Bara Group, and CEZ Bulgaria, the coordinator of CEZ Group’s units in Bulgaria.
Sofia-based Eurohold Bulgaria is an independent business group active in the regions of Central and Eastern Europe, Southeastern Europe as well as in the Commonwealth of Independent States. Eurohold owns Euroins Insurance Group (EIG) which operates in 11 countries and has subsidiaries in Bulgaria, Romania, North Macedonia, Ukraine, Georgia, Russia and Belarus. EIG also operates in Greece and Poland, and has niche insurance operations in Spain and Italy.
Shares in Eurohold Bulgaria closed 2.54% lower at a price of 2.30 levs on the Bulgarian Stock Exchange on Tuesday.
(1 euro = 1.95583 levs)