KORADO Bulgaria's 2022 net profit falls 4.4% on lower sales
30. 1. 2023
January 30 (SeeNews) - Steel radiator manufacturer Korado Bulgaria [BUL:KBG], part of Czech Republic-based Korado Group, said on Monday that its net profit fell by 4.4% last year, to 4.56 million levs ($2.53 million/2.33 million euro).
Korado Bulgaria's revenue went down by an annual 2.8% to 57.4 million levs in the period under review, the company said in an interim financial statement.
In terms of volume, sales sunk to 449,701 units in 2022 from 600,857 units the prior year. In parallel, operating expenses decreased to 52.6 million levs from 53.8 million levs.
According to Korado Bulgaria, demand is currently at standstill across Europe due to high costs for developers and construction companies. The company is optimistic about this year based on its ability to reduce production costs, its low inventory of finished products and a strong raw material base.
As of 1145 CET on Monday, shares in Korado Bulgaria traded 0.81% lower at 6.15 levs on the Bulgarian Stock Exchange.
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