March 5 (SeeNews) - Bulgarian battery maker Monbat [BUL:5MB] said that its consolidated net profit after minority interest shrank to 2.8 million levs ($1.6 million/1.4 million euro) in 2018 from 31.2 million levs the year before, following a drop in revenue.
Monbat bagged revenue of 298.1 million levs last year, down from 329.5 million levs in 2017, figures from the company's unaudited financial report, published last week, showed.
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The company's expenses edged down to 293.8 million levs in 2018 from 294.3 million levs a year earlier, mainly due to a decrease in cost of goods sold and expenses for materials.
Last month, Monbat said it is considering investing in a new 2.4GWh plant in the city of Vratsa, which will specialise in the production of bipolar batteries. The investment could total around 40 million levs, according to reports from local media.
In December, Monbat said that it has acquired licensing rights to the full suite of GreenSeal Bipolar Lead battery technologies of Advanced Battery Concepts.
(1 euro = 1.95583 levs)