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Korado Bulgaria's 9-mo net profit falls despite revenue rise

Korado Bulgaria's 9-mo net profit falls despite revenue rise Korado Bulgaria/All rights reserved.

SOFIA (Bulgaria), November 2 (SeeNews) - Steel radiator manufacturer Korado Bulgaria [BUL:KBG], part of Czech Republic-based Korado Group, said that its net profit declined to 4.2 million levs ($2.5 million/2.1 million euro) in the first nine months of 2021 from 4.9 million levs in the same period of 2020, even though its revenue went up.

The company's revenue grew to 44.9 million levs in the January-September period of this year from 29.9 million levs a year earlier, Korado Bulgaria said in an interim financial statement published last week.

Korado Bulgaria's total expenses jumped to 40.6 million levs in the review period from 24.7 million levs the year before, as expenses for materials increased to 31.6 million levs from 18.2 million levs, figures from the interim financial showed.

In terms of volume, the company's sales rose to 483,031 units in the review period from 383,156 units a year earlier.

Exports to EU countries increased to 436,181 units from 341,615 units, while sales to other countries went up to 38,311 units from 33,942 units.

Korado's domestic sales rose to 8,521 units in the January-September period of 2021 from 7,599 units the year before.

The company's main client in the period under review was its parent company - Korado Group, according to the financial statement.

Korado Group owns 82.15% interest in Korado Bulgaria, according to end-September data.

Korado Bulgaria produced 382,873 panel radiators in the first nine months of 2021, up from 311,491 units produced in the comparable period of 2020.

Korado increased its towel rail radiators output to 96,880 units in the review period from 68,145 units in the first three quarters of last year, following a strong third quarter output.

As at 11:40 CET on Tuesday, Korado Bulgaria shares traded 0.60% higher at a price of 8.35 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)

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