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Korado Bulgaria's profit drops 37% y/y in H1 on higher cost of raw materials

Author Radina Veleva
Korado Bulgaria's profit drops 37% y/y in H1 on higher cost of raw materials Author: Korado. Licence: All Rights Reserved.

SOFIA (Bulgaria), July 30 (SeeNews) - Steel panel radiator manufacturer Korado Bulgaria [BUL:KBG], part of Czech Republic-based Korado Group, said on Friday that its net profit fell by 37% year-on-year in the first half of 2021, to some 1.5 million levs ($912,900/767,800 euro).

The drop in net profit is due to soaring prices of raw materials, the company said in an e-mailed statement.

Korado Bulgaria's revenue increased by 49% on the year in January-June, reaching some 26 million levs, the company's interim financial report showed.

In terms of volume, the company's sales rose 40% on an annual comparison basis in the first six months of 2021, to 310,188 units. Korado Bulgaria's management remains cautiously optimistic that sales revenue will catch up with expenses on raw materials, the company said.

Shares in Korado Bulgaria closed 0.61% higher at 8.30 levs on the Bulgarian Stock Exchange on Thursday.

(1 euro = 1.95583 levs)

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