Bulgaria's Kintex Halves H1 Net Profit on Revenue Drop

Bulgaria's Kintex Halves H1 Net Profit on Revenue Drop

Bulgarian state-owned arms trader Kintex said that its net profit halved to 6.0 million levs ($3.4 million/3.1 million euro) in the first half of 2019 from 12.2 million levs in the same period of 2018.Kintex's revenue dropped to 50.2 million levs in the first six months of 2019 from 89.9 million levs in the comparable period of last year, the company said in an interim financial statement. Total expenses fell to 43.6 million levs in the review period from 76.3 million levs the year before, as cost of goods sold plunged to 32.3 million levs from 58.6 million levs. The company's assets amounted to 146.2 million levs at the end of June, down from 155.1 million levs a year earlier. Kintex, established in 1966, became a joint stock company wholly owned by the state in 1992. Kintex is specialized in exports of products manufactured by Bulgarian defence and machine-building industries.

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