State-Owned "Mini Maritsa-Istok" Faces Mounting Losses Amid Declining Coal Sales

The losses of the state-owned company "Mini Maritsa-Istok" are escalating at an alarming rate due to decreased operations and a decline in coal sales, according to a report by "Capital" on the company's performance in the second quarter of 2024.

From January to June, the company generated 116 million leva in operating income, a significant drop from 242 million leva during the same period in 2023. This has resulted in a loss of 75.9 million leva, compared to a loss of 51.4 million leva for the same timeframe last year.

The figures reveal that for every 1.5 leva earned, the company incurs a loss of 1 lev, indicating that without state support or substantial reforms, its viability is in jeopardy. Notably, personnel expenses are exceeding the company's total revenue, with 149.5 million leva allocated for salaries in the first half of the year, overshadowing the 116 million leva in revenue generated.