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IMI Bulgaria cuts 2018 cons net profit despite rise in sales

Author Mario Tanev
IMI Bulgaria cuts 2018 cons net profit despite rise in sales Photo: Integrated Micro-Electronics Bulgaria / All rights reserved.

SOFIA (Bulgaria), July 16 (SeeNews) - Technology solutions company Integrated Micro-Electronics Bulgaria (IMI Bulgaria), a unit of Integrated Micro-Electronics Inc. (IMI), said that its consolidated net profit edged down to 45.3 million levs ($26.0 million/23.2 million euro) in 2018 from 48.3 million levs in 2017.

IMI Bulgaria's sales grew to 446.2 million levs last year from 418.6 million levs in 2017, the company said in an annual financial statement.

Cost of sales rose to 380.2 million levs from 352.4 million levs.

The company's administrative expenses increased to 11.5 million levs in 2018 from 10.5 million levs the year before, while selling expenses edged up to 5.4 million levs from 4.6 million levs.

IMI Bulgaria's assets rose to 312.9 million levs at the end of 2018 from 272.1 million levs a year earlier.

IMI specializes in the production of electronics for the automotive, industrial electronics and aerospace markets.

IMI Bulgaria operates a production facility in Botevgrad and a design and development unit in Sofia.

(1 euro = 1.95583 levs)