 SOFIA (Bulgaria), July 30 (SeeNews) - Steel radiator manufacturer Korado Bulgaria [BUL:4KX], part of Czech Republic's Korado Group, said on Monday its pre-tax profit rose 20% year-on-year to 3.6 million levs ($2.1 million/1.84 million euro) in the first half of 2018.
Total revenue fell by 4.0% to 20.8 million levs in the period under review, the company said in a statement.
The rise in pre-tax profit was achieved despite the increase in steel prices and the expected decline in sales, Vojtech Chamek, CEO of Korado Group, said in the statement.
"We are very pleased to have a significant profit increase of 20%, which is in line with our intention to start paying a six-month dividend," Chamek added.
The shareholders will vote on the authorisation of the interim dividend proposal in an extraordinary meeting on September 19.
Korado Bulgaria was registered in 1998 when the Czech company acquired 98.2% of the originally German-Bulgarian steel radiators production plant in Strazhitsa, in northern Bulgaria. The plant exports its output to the markets of Romania, Ukraine, France, Hungary and Bosnia.
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