KORADO Bulgaria net profit climbs 5% in Jan-Sept

Korado Bulgaria net profit climbs 5% in Jan-Sept

SOFIA (Bulgaria), October 28 (SeeNews) - Steel radiator manufacturer Korado Bulgaria [BUL:KBG], part of Czech Republic-based Korado Group, said on Friday that its net profit in the first nine months of 2022 rose by 5% on the year to 4.46 million levs ($2.27 million/2.28 million euro).

Korado Bulgaria's revenue climbed by 3% to 46.2 million levs in the review period, the company said in an interim financial statement.

In terms of volume, sales declined to 376,971 units from 483,013 units a year earlier.

Korado Bulgaria’s main client is its parent Korado Group which is making up for a substantial drop in sales in Southeast Europe.

According to Korado Bulgaria, the company's performance until the end of 2022 and in 2023 will be negatively impacted by an expected slowdown in orders, the energy crisis, increasing interest rates, new COVID-19 outbreaks and a turbulent geopolitical development.

Yet, the company is optimistic about its medium- and long-term prospects, relying on its “strong raw material base”, “energy purchased well ahead” and a potential reduction in production costs, among other advantages.

As at 1022 CEST on Friday, shares in Korado Bulgaria traded flat at 6.30 levs on the Sofia bourse.

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28.10.2022