Bulgaria's Monbat cons net profit rises in Jan-Sept

Bulgarian car battery manufacturer Monbat [BUL:5MB] said its consolidated net profit rose by an annual 22% to 23.4 million levs ($14.2 million/12 million euro) in the first nine months of 2017.

The company’s net sales revenue added 29.37% year-on-year to 232 million levs in the review period, Monbat said in a statement late on Wednesday.

Sales on the domestic market generated 13.64% of total sales revenue during the January-September period, while sales abroad contributed 86.36%.

France was the company’s main foreign market, as sales to the country amounted to 13.9 million euro ($16.5 million), or 13.6% of total sales abroad.

Monbat’s earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by an annual 16.82% to 38.3 million levs in the period January-September.

In September, Monbat said it plans to acquire Italian battery recycling company Piombifera Italiana through its subsidiary Monbat Recycling.

In August, Monbat said it has signed a Letter of Intent (LoI) with the shareholders of Tunisia-based lead storage batteries manufacturer ASSAD for the acquisition of a majority stake.

In June, Monbat said it fully acquired two German companies - lithium-ion battery producer Gaia Akkumulatorenwerke and lithium-ion cells manufacturer EAS Germany.

Monbat shares closed 0.73% lower at 10.92 levs on Wednesday.

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