Bulgaria’s Monbat Q1 Cons net profit down 9.4% on higher spending

SOFIA (Bulgaria), June 6 (SeeNews) – Bulgarian car battery manufacturer Monbat [BUL:MONB] said its consolidated net profit for the first quarter of 2022 fell to just over 6 million leva ($3.3 million) from 6.7 million leva in the same period last year as spending fell by about 8% had risen.

Monbat’s consolidated revenue increased to 96.4 million leva in the first three months of this year from 91.2 million leva in the same period of 2021, the company said in an interim report last week.

Operating expenses rose to 89.8 million leva in the period as expenditure on materials increased by 6.6% to 63.3 million leva. The manufacturing costs of the products sold and the expenses for purchased services and personnel also increased.

Monbat’s net sales rose 2.3% year over year to 91.9 million in the first quarter.

At €42.2 million, exports accounted for 89.9% of the company’s total sales in the first quarter of 2022. Monbat’s largest export market was Germany with a 7.88% share of total exports, followed by Spain and France with shares of 7.5% 7.15%.

At the end of March, Monbat sold its products in 77 foreign markets, as the annual financial statements showed.

Last month, the car battery maker reached an agreement to sell its Germany-based lithium-ion subsidiary Monbat Holding GmbH to British battery cell technology company Britishvolt for a total value of 36 million euros.

Monbat shareholders will vote on June 14 on a proposed distribution of a gross dividend of 5.5 million leva for 2021, down 21.5% from the gross dividend paid for 2020.

Monbat shares, which are up nearly 5% over the past 12 months, closed unchanged at Lev 5.80 on Friday.

(1 euro = 1.95583 levs)

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