December 2 (SeeNews) - Bulgarian IoT products developer Allterco [BUL:A4L] said that its consolidated net profit excluding minority interest soared to 6.3 million levs ($3.6 million/3.2 million euro) in the first nine months of 2019 from 542,000 levs in the same period of 2018.
Allterco's operating revenue edged up to 31.4 million levs in the January-September period of 2019 from 29.5 million levs in the comparable period of 2018, the company said in an interim financial statement on Friday.
The company's operating expenses fell to 24.3 million levs in the review period from 28.6 million levs the year before, as expenses for hired services dropped to 8.3 million levs from 20.9 million levs in the prior-year period.
In July, Allterco completed the sale of five of its telecommunications subsidiaries to Norway's LINK Mobility Group for 7.9 million euro ($9.0 million). Allterco received 60% of the price in cash and a further 20% is shares in Victory Partners VIII Norway Holding - the sole owner of LINK Mobility Group. The remaining 20% will be paid on a deferred basis within two years.
(1 euro = 1.95583 levs)