Monbat’s audit reduces 2016 consolidated net profit by 6.4% (NEGATIVE)

Monbat’s 2016 net profit was decreased by 6.4% (BGN 1.8m) compared to preliminary figures, the audit data revealed. OPEX was increased by BGN 2.7m as a result of BGN 2.3m higher other operating cost and BGN 0.4m higher cost of hired services. The minority loss was increased by BGN 0.9m and the net profit came at BGN 26.5m (EPS of BGN 0.68), up by 20.3% YoY. On the assets side, receivables and PPE account were cut by BGN 3.4m and BGN 0.4m, respectively while inventories were increased by BGN 1.8m. Accounts payable were also increased by BGN 2m while other current liabilities were reduced by BGN 0.6m due to lower lease liabilities.