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Bulgarian coal miner Mini Maritsa Iztok's 9-mo net profit rises sixfold

SOFIA (Bulgaria), November 23 (SeeNews) - Bulgarian coal mining company Mini Maritsa Iztok reported a rise in its unaudited net profit to 60.02 million levs in the first nine months of 2022, from 10.5 million levs in the same period of 2021.

Total revenue in the review period jumped by 55.77% on the year to 633.4 million levs, the company said in an interim financial statement published on the website of parent group Bulgarian Energy Holding (BEH).

Revenue from coal sales rose by 59.82% to 511.3 million levs, mainly on the back of increased coal output and higher prices, the company said.

In parallel, total expenses expanded by 44.07% to 572.04 million levs.

The company's coal mines in southern Bulgaria sell their output mainly to three thermal power plants located nearby. In June 2022, Mini Maritsa Iztok also reached a deal to sell coal to Serbia's Virom. The agreement covers the supply of 1.75 million tonnes per year, with an option for increasing the volume in the second year.