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

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)