Bulgarian Aircraft Repair Plant Avionams Swings to Net Profit in Q1

Bulgarian Aircraft Repair Plant Avionams Swings to Net Profit in Q1

Bulgarian state-owned aircraft repair plant Avionams said that it has turned a net profit of 550,000 levs ($336,700/281,200 euro) in the first quarter, compared to a net loss of 1.5 million levs in the same period of 2017.The company's total revenue fell by an annual 17.6% to 5.2 million levs in the first quarter, Avionams said in an interim financial statement.Avionams' total expenses declined 40.3% year-on-year to 4.7 million levs in the review period due to a 72.4% drop in expenses for hired services, which amounted to 525,000 levs in the quarter under review.In 2017, Avionams swung to a net profit of 1.6 million levs from a net loss of 1.8 million levs the year before, as the company's total revenue soared to 27.9 million levs from 5.3 million levs in 2016.

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