April 8 (SeeNews) - Lithuanian discount retailer Maxima Grupe said that it turned to a net profit of 1.4 million euro ($1.7 million) from operations in Bulgaria in 2020 from a net loss of 4.7 million euro in 2019.
Maxima Grupe's revenue in Bulgaria grew to 182.8 million euro last year from 149.5 million euro in 2019, the group said in an annual financial statement published earlier this week.
The group's earnings before interest, taxes, depreciation, and amortization (EBITDA) in Bulgaria more than doubled to 11.8 million euro in 2020 from 5.6 million euro in 2019.
Depreciation and amortisation costs in the country increased to 9.5 million euro from 7 million euro the year before.
Maxima Grupe opened six new stores under its T-Market brand in Bulgaria last year, and operated 88 outlets at the end of 2020.
Maxima Grupe entered the Bulgarian market in 2005.
($ = 0.8428 euro)