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Eurohold Bulgaria's non-cons net loss doubles in H1 on soaring expenses

Eurohold Bulgaria's non-cons net loss doubles in H1 on soaring expenses Eurohold/All rights reserved.

Energy and insurance group Eurohold Bulgaria [BUL:EUBG] said that it booked a standalone net loss of 24.1 million levs ($12.6 million/12.3 million euro) in the first half of the year compared to a net loss of 12.4 million levs in the like period of 2021.

Revenue at Eurohold rose to 3.2 million levs in the January-June period of 2022 from 1.6 million levs a year earlier, the company said in an interim non-consolidated financial statement on Monday.

The company's expenses surged to some 27.3 million levs in the review period from 13.9 million levs in January-June 2021, mostly due to a jump in costs for hired services.

Eurohold's assets grew 3.3% on the year to 743.8 million levs as at the end of June.

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.

Earlier this year, Eurohold's Netherlands-based subsidiary Eastern European Electric Company (EEEC) lifted to 97.66% its ownership in Electrohold Sales [BUL:CEZE] and to 99.25% its stake in Electrodistribution Grid West [BUL:CEZD], two of the former Bulgarian units of Czech energy company CEZ which it acquired last year.

At the end of June, Eurohold agreed to divest its car leasing businesses to Asterion Bulgaria.

Shares in Eurohold closed 5% higher at 2.10 levs on the Bulgarian Stock Exchange on Monday.

(1 euro = 1.95583 levs)