March 21 (SeeNews) - Online betting and gambling company Telematic Interactive Bulgaria said on Monday that its consolidated sales revenue rose by 36.8% to 15.4 million levs ($8.7 million/7.9 million euro) in the first two months of this year.
The company's consolidated net profit exceeded 4.4 million levs in the January-February period, up by 38.2%, it said in a bourse filing.
In view of the current situation in Ukraine, Telematic Interactive Bulgaria's expansion plans are frozen, the company also said. Telematic Interactive Bulgaria has taken steps to register a local unit, but no capital contributions have been transferred to date.
Military action in Ukraine have a negative effect on the revenues of Telematic Interactive's subsidiary CT Interactive but the impact on Telematic's financial results is minimal as it forms under 1% of consolidated revenues.
"In general, the effect of exchange rates will not be significant, because about 3/4 of revenues are in levs or euro," the company also said.
According to commercial register data, Sofia-based CT Interactive is a software product developer and a wholly-owned unit of Telematic Interactive Bulgaria.
Last week, the Bulgarian Stock Exchange admitted Telematic Interactive Bulgaria to trading on its main market as of March 22.
Last month, Telematic Interactive Bulgaria raised over 16 million levs in an initial public offering (IPO). The company received orders for 320,000 shares, or 80% of the total offering, during the subscription period that ran from February 14 to 18.
Telematic Interactive Bulgaria provides business-to-consumer (B2C) and business-to-business (B2B) services. The B2C segment is served by the Palms Bet brand under which Telematic Interactive Bulgaria operates within Bulgaria, while in the B2B segment is served by Telematic's subsidiary CT Interactive which provides game content to international contracting parties.
(1 euro = 1.9558 levs)