Korado Bulgaria 9-mo profit shrinks 44% y/y

Korado Bulgaria's revenue sank by an annual 38% to 28.8 million levs in the review period, the company said in a statement.

In terms of volume, sales fell to 260,969 units in January-September from 376,971 units in the same period last year.

"Against the backdrop of a relatively lower sales volume in the first six months of the year, the company made a remarkable turnaround in the third quarter, increasing its sales by over 50% in Ukraine and Hungary and achieving a sixfold increase in Romania," the company said, noting the volatile economic climate and prevailing stagnation in the European construction industry.

The majority of Korado Bulgaria's sales in Central and Western Europe, or 85%, are made through its parent company, it added.

Shares in Korado Bulgaria last traded on Wednesday when they closed at 4.46 levs on the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)