August 1 (SeeNews) - Financial and insurance group Eurohold Bulgaria [BUL:4EH] said on Tuesday its consolidated net profit fell 77% year-on-year to 3.9 million levs ($2.35 million/1.99 million euro) in the first half of 2017.
The company attributed the higher year-ago figure to sales of shares worth 16 million levs by the parent company in the first half of 2016.
The sustained growth of the revenues and profits of the holding company's three main lines of business recorded in the first quarter continued into the second quarter of 2017, Kiril Boshov, board chairman of Eurohold, said in a statement.
The company expects the trend will continue in the second half of the year in view of the positive economic outlook for the region, which in turn will result in increased profitability of Eurohold Bulgaria, Boshov added.
Boshov also said Eurohold Bulgaria maintains its expectations for consolidated revenues in excess of 1.4 billion levs in 2017.
The holding's three main lines of business are insurance, car sales and leasing.
Eurohold Bulgaria's operating revenues grew 26% on the year to 647 million levs in the period January-June.
Last year, Eurohold's consolidated operating revenues topped 1 billion levs for the first time in the group's history and the company turned to a consolidated net profit of 6.9 million levs.
(1 euro = 1.95583 levs)