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Maxima Groupe pares H1 net loss in Bulgaria, grows revenue

Author Mario Tanev
Maxima Groupe pares H1 net loss in Bulgaria, grows revenue Author: Maxima Bulgaria / All rights reserved.

SOFIA (Bulgaria), October 3 (SeeNews) - Lithuanian retailer Maxima Grupe said that it posted a net loss of 1.95 million euro ($2.14 million) from operations in Bulgaria in the first half of 2019, relatively unchanged from the net loss of 1.98 million euro booked in the same period of 2018.

Maxima Groupe's revenue in Bulgaria grew to 71.5 million euro in the January-June period of 2019 from 62.1 million euro in the comparable period of 2018, the company said in an interim financial statement earlier this week.

The company, which is active in Bulgaria through its T-Market brand, posted earnings before interest, taxes, depreciation and amortization (EBITDA) of 1.6 million euro in the review period, compared to a negative EBITDA of 137,000 levs in the like period of 2018.

Last month, Bulgaria's Commission for Protection of Competition said that it has opened proceedings concerning retailer Maxima Bulgaria's planned lease of the 11 stores of supermarket chain Triumf in the city of Plovdiv.The 11 stores are currently operated by local companies Markotsi, Vanichi 2008 and Top Tennis.

Earlier this year, Maxima Grupe announced that it intends to invest 600 million euro in modernising and expanding its network of stores through 2025.

In Bulgaria, Maxima Grupe has over 70 T Market stores in 36 cities across the country, according to data from its Bulgarian unit - Maxima Bulgaria. The Bulgarian unit employs over 1,500 people.

($ = 0.9123 euro)