October 3 (SeeNews) - Bulgaria's Telelink Business Services Group, or TBS Group, [BUL:TBS] reported on Monday a preliminary consolidated net profit of 2.5 million euro ($2.44 million) for the first half of 2022, down by 40% on the year.
Earnings before interest, tax, depreciation and amortisation (EBITDA) dropped by 32% year-on-year to 3.8 million euro in the six months through June, according to a presentation of the group's financial results for the first half of this year filed to the stock exchange in Sofia.
Gross profit fell by 21% to 6.5 million euro as consolidated revenue decreased by 27% to 36.7 million euro. The decline mainly reflects lower income from the Bulgarian market and international clients, according to the presentation. A particularly sharp drop was registered in the public sector.
Looking ahead, Telelink forecast full-year revenue of 83.4 million euro, which is 2% lower than the result achieved in 2021. Gross profit is expected to rise by 4% to 15.6 million euro. In contrast, EBITDA is expected to decrease by 9% to 8 million euro, while net profit is expected to fall by 12% to 5.5 million euro.
In September, the shareholders fo TBS approved the distribution of dividend of 0.81 levs per share for the first half of 2022.
By 1249 CEST on Monday, TBS Group's shares traded 1.53% lower at 12.90 levs on the Bulgarian Stock Exchange.
($ = 1.0226 euro)