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Sirma Group Q1 profit climbs 25.6% YOY

Sirma Group Holding AD said its normalized net income for the first quarter amounted to 47,250 leva, a gain of 25.6% from 37,630 leva in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 0.6% from 0.5% in the year-earlier period.

Total revenue increased 16.9% on an annual basis to 8.2 million leva from 7.0 million leva, and total operating expenses grew 15.5% from the prior-year period to 7.7 million leva from 6.6 million leva.

Reported net income grew 18.7% year over year to 216,000 leva, or 0 stotinki per share, from 182,000 leva, or 0 stotinki per share.

As of May 30, US$1 was equivalent to 1.76 leva.