July 29 (SeeNews) - Bulgarian car battery manufacturer Elhim Iskra [BUL:52E] said on Monday that its net profit rose to 630,000 levs ($358,000/322,000 euro) in the first half of 2019 from 341,000 levs in the same period of 2018.
Elhim Iskra's revenue edged down to 19.7 million levs in the first six months of the year from 20.2 million levs in the like period of 2018, the company said in an annual financial statement.
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The lower revenue is mainly a result of a decrease in the prices of starter batteries compared to the prior-year period, the company explained.
The car battery maker cut its expenses to 19.1 million levs in the review period, compared to 19.8 million levs the year before. The decrease was mainly due to expenses for materials, which fell to 13.4 million levs from 14.2 million levs.
Elhim Iskra is part of blue-chip diversified group Stara Planina Hold [BUL:5SR]. The Pazardzhik-based company exports over 90% of its output.
(1 euro = 1.95583 levs)