October 24 (SeeNews) - Bulgaria's Odessos Shiprepair Yard [BUL:ODES] said on Tuesday that its net profit increased to 14.2 million levs ($7.7 million/7.3 million euro) in the first nine months of 2023 from some 12.2 million levs in the like period of last year, driven by higher revenue.
The company's total revenue jumped to 66.7 million levs in January-September from 52.1 million levs in the same period of 2022, Odessos Shiprepair Yard said in an interim financial statement.
A total of 55 ships were repaired at the company's facilities in the review period, compared to 45 a year earlier. Revenue from ship repairs went up to 64.5 million levs from some 49.1 million levs in the first nine months of 2022.
In parallel, the company's operating expenses grew to 52.5 million levs from 39.9 million levs. The rise was chiefly due to a 45% surge in costs for hired services to 17.7 million levs and a 24% increase in remuneration costs to 16.9 million levs.
Shares in Odessos Shiprepair Yard last traded on October 3 when they closed at 298.00 levs on the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)