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Apr 29, 2022 17:02 EEST
April 29 (SeeNews) - Steel radiator manufacturer Korado Bulgaria [BUL:KBG], part of Czech Republic-based Korado Group, said on Friday that its net profit rose 58% year-on-year in the first quarter of 2022, to 1.8 million levs ($972,900/920,300 euro).
Korado Bulgaria's revenue jumped by 54% on the year in the January-March period of 2022, to 17.5 million levs, the company said in a financial statement.
Sales edged up 2% year-on-year to 142.6 million levs in the review period
"The indirect consequences of the coronavirus pandemic and the ongoing conflict in Ukraine make the market unstable due to the higher prices of energy, transport, and raw materials as well as supply chain disruptions," Korado said, adding that it was forced by these circumstances to increase the prices of its products which resulted in higher revenue and profit.
The growth in sales was made possible by the fact that most of the company's production went to the markets of Central and Western Europe. There was a significant amount of sales to Romania and Hungary, while sales to Ukraine stopped with the onset of the war, Korado said .
Due to very turbulent geopolitical development, it is very difficult to forecast results for the months to come. There is a visible slowdown in orders that may impact the company's financial results in the second quarter of 2022 but from a medium and long-term perspective, an upward trend could be expected, Korado noted.
Korado's financial statement also showed that its expenses grew to 15.7 million levs in the first quarter of this year from 10.2 million levs in the same quarter of 2021, mainly due to higher expenses for materials.
As at 10:08 CET on Friday, shares in Korado Bulgaria traded flat at 7.15 levs on the Sofia bourse.
(1 euro = 1.95583 levs)
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