Korado Bulgaria Q1 net profit surges more than fourfold

Korado Bulgaria's revenue fell by an annual 7% to 7.88 million levs in January-March, the company said in a press release.

In terms of volume, sales went down to 60,580 units in the first three months of 2024 from 74,736 units in the prior-year period.

"The generated profit is unexpectedly above the forecast amount, it is significantly impacted by intragroup sales and their structure, which is different from the previous year," Korado Bulgaria said.

At the same time, Korado's operating expenses narrowed to 6.91 million levs from 8.24 million levs, chiefly due to lower costs for materials, the company said in a separate financial statement on Monday.

Last month, the company proposed a gross dividend payout of 0.19 levs per share for 2023, which will be put to the vote at a general meeting of shareholders on June 19.

Shares in Korado Bulgaria last traded on April 24 when they closed at 4.26 levs on the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)