Bulgaria's Synergon Holding turns to 9-mo cons net profit, lifts revenue

Bulgaria's Synergon Holding turns to 9-mo cons net profit, lifts revenue

Bulgarian diversified group Synergon Holding said on Tuesday that it turned to a consolidated net profit excluding minority interest of 6.4 million levs ($3.6 million/3.3 million euro) in the first nine months of 2019 from a net loss of 4.1 million levs in the same period of 2018.Synergon's operating revenue grew to 263.4 million levs in the January-September period of 2019 from 246 million levs in the comparable period of last year, the company said in an interim financial statement.The holding company's consolidated revenue was also positively impacted by the sale of Grand Hotel Plovdiv by Synergon Hotels earlier this year.The group also lifted its operating expenses to 258 million levs in the review period from 251 million levs the year before.Cost of goods sold increased to 206.9 million levs in the first three quarters of the year from 190.2 million levs in the like period of 2018, which was partially offset by a decrease in expenses for hired services.Synergon Holding was set up in 1996 as a privatisation fund under Bulgaria's voucher privatisation programme. The fund was transformed into a holding structure the following year. It has more than 25 subsidiaries and affiliated companies operating in various sectors of the Bulgarian economy.

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