Bulgaria's Doverie United Holding swings to net profit in H1
SOFIA (Bulgaria), August 12 (SeeNews) - Bulgarian diversified group Doverie United Holding [BUL:5DOV] swung to a consolidated net profit after minority interest of 5.2 million levs ($3.0 million/2.6 million euro) in the first half of 2019, from a net loss of 2.0 million levs in the like period of 2018, it said on Monday.
The group's total revenue increased to 83.7 million levs in the January-June period from 67.5 million levs in the comparable period of 2018, Doverie United Holding said in an interim financial statement.
Operating expenses increased to 78.2 million levs in the first six months of 2019 from 69.7 million levs a year earlier.
Cost of goods sold rose to 32.6 million levs from 31.4 million levs, while expenses for hired services increased to 16.9 million levs from 14.4 million levs.
As at 17:00 CET on Monday, Doverie United Holding shares traded 0.62% lower at 3.22 levs on the Bulgarian Stock Exchange.
Doverie United Holding consolidated the results of 21 subsidiaries, active in various sectors of the economy, including healthcare, insurance, retail trade, real estate, and others.
In June, Bulgaria's Doverie-Invest, a wholly-owned unit of Doverie United Holding, acquired a 13.73% stake in Moldova's Moldindconbank (MICB), increasing its shareholding in the Moldovan lender. In March, Doverie-Invest completed the purchase of a 63.8865% stake in MICB after winning a public tender launched at a starting price of 76.6 million levs for a total of 3,173,751 shares.
Doverie United Holding did not consolidate Moldindconbank's results for the first half, as it is still awaiting approval from Moldova's central bank for changes to the management team of MICB.