Bulgaria's Monbat Boosts Q1 cons Net Profit, grows revenue

Bulgaria's Monbat Boosts Q1 cons Net Profit, grows revenue

Bulgarian car battery manufacturer Monbat said on Thursday its consolidated net profit soared to 6.5 million levs ($3.6 million/3.3 million euro) in the first quarter, from 1.6 million levs in the same period of 2018. Monbat's consolidated net sales revenue increased by 26.01% on the year to 82.7 million levs in the first three months of 2019, the company said in a statement.Monbat's earnings before interest, taxes, depreciation and amortisation (EBITDA) on an individual basis almost doubled, increasing by an annual 93.05% to 12.1 million levs.In January-March, Monbat generated 36.9 million euro in revenue from sales abroad and 10.4 million euro from sales on the domestic market, which represent 87.3% and 12.6% of the total net sales revenue, respectively. France remained Monbat's major foreign market in the first quarter, with 4.7 million euro of sales revenue or 12.7% of the company's total exports. Monbat's consolidated net profit shrank to 2.8 million levs last year from 31.2 million levs in 2017 due to a drop in revenue by 9.5% to 298.1 million levs. As at 18:00 CET on Thursday Monbat shares traded 0.74% lower at 6.70 levs on the stock exchange in Sofia.(1 euro = 1.95583 levs)

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