You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Korado Bulgaria lowers 9-mo net profit on revenue decrease

Author Mario Tanev
Korado Bulgaria lowers 9-mo net profit on revenue decrease Author: Korado. Licence: All Rights Reserved.

SOFIA (Bulgaria), October 30 (SeeNews) - Steel radiator manufacturer Korado Bulgaria [BUL:4KX], part of Czech Republic-based Korado Group, said on Wednesday that its net profit fell to 4.8 million levs ($2.7 million/2.5 million euro) in the first nine months of 2019 from 5.5 million levs in the same period of 2018.

Korado's revenue fell to 33.2 million levs in the January-September period of 2019 from 34.1 million levs in the comparable period of last year, the company said in an interim financial statement.

Korado Bulgaria sold 411,274 units in the review period, up from 407,992 units sold in the corresponding period of last year. Most of the company's sales were to its Czech parent. Sales on the domestic market formed just 2% of the company's total sales volume.

Sales to EU countries fell to 350,798 units in the first nine months of 2019 from 374,876 units in the same period of 2018, while sales to non-EU countries more than doubled to 53,852 units from 25,468 units.

The rise in volume was mostly due to towel rail radiator sales, which increased to 69,772 units in January-September from 64,017 units sold in the prior-year period.

The company produced 342,384 radiators in the review period, down from 352,987 radiators produced in the like period of 2018.

Korado Bulgaria's operating expenses edged down to 28.1 million levs in the first nine months of the year from 28.2 million levs in the same period of 2018.

(1 euro = 1.95583 levs)

Compare