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Business | July 26, 2018, Thursday // 13:21
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SOFIA (Bulgaria), July 25 (SeeNews) - Bulgarian car battery manufacturer Monbat [BUL:5MB] said on Wednesday its consolidated pre-tax profit fell by 75.3% year-on-year to 3.5 million levs ($2.1 million/1.8 million euro) in the first half of 2018.
Monbat’s earnings before interest, taxes, depreciation and amortisation (EBITDA) fell by an annual 35.8% to 14.5 million levs in January-June, Monbat said in a statement.
The company’s consolidated net sales revenue decreased 9.2% year-on-year to 136.2 million levs in the period under review.
In June alone, Monbat posted a pre-tax profit of 442,000 levs, 61.7% lower on the year, after 16.6% decrease in net sales revenue, which amounted to 24.8 million levs during the month.
In April, the company said that its shareholders approved a proposal for setting up a subsidiary in Austria - Monbat Batterien, with a capital of 50,000 euro. The new company will be active in the sales and engineering of electric batteries and oil products.
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