BEH ends Q2 2024 with 60% drop in profit
The Bulgarian Energy Holding (BEH) ended the half-year with a drop in profit of about 60%. The company reported a net profit of 370.9 million levs compared to 865.8 million levs a year earlier, the company's financial statement shows. Operating income fell 40% to 375 million levs from 631 million levs a year earlier.
The main reason for the collapse in BEH's profits is the reduction in dividend income from its subsidiaries Kozloduy NPP, ESO and ICBG, as well as the reduction in impairment charges.
The entire state energy sector is practically concentrated under BEH's umbrella, including the Maritsa-East 2 power plant, the Maritsa East mines, Bulgargaz, ESO, etc. In recent years, the holding has played the role of the main creditor for many of the companies, which would have gone bankrupt without assistance. This is one of the main reasons for the state's refusal to restructure BEH, as it can buffer between profitable and loss-making state-owned companies without being considered state aid and coming under European Commission sanctions.
Gov't imposes 500,000 levs penalty on the manufacturer of air ambulances
Italian firm Leonardo has been fined 500,000 levs over another delay in the delivery of the second batch of two medical helicopters, the Ministry of Health announced on Thursday, after it has been notified about the delay by the company.
The new deadlines being quoted by the manufacturer are the end of February 2025 for the second helicopter and the end of March for the third helicopter, highlighting that meeting them is also at risk due to critical delays in the supply of key components for their assembly.
At this stage, the second helicopter is undergoing flight trials and the third is on the assembly line and about 60% completed.
The second helicopter was due to have arrived in Bulgaria by the end of June this year and the third by the end of December. These deadlines have been broken twice by Leonardo.
Bulgaria produced USD 556 million worth of furniture in 2023
In 2023, Bulgaria produced USD 556 million worth of furniture. Despite the significant sum, this marks a drop of 5% compared to previous years - in 2022 the production is estimated at USD 585 million, and in 2021 - at almost USD 600 million dollars, Vasil Zhivkov, chairman of the Bulgarian Chamber of Woodworking and Furniture Industry, told Capital weekly.
"In 2023, furniture demand is also shrinking in Europe, where the market is dominated by large retailers. We expect furniture demand to see a slight decline in real terms in 2024, and to grow again in 2025," Zhivkov added.
BEH ends Q2 2024 with 60% drop in profit
The Bulgarian Energy Holding (BEH) ended the half-year with a drop in profit of about 60%. The company reported a net profit of 370.9 million levs compared to 865.8 million levs a year earlier, the company's financial statement shows. Operating income fell 40% to 375 million levs from 631 million levs a year earlier.
