May 8 (SeeNews) - Glass packaging manufacturer BA Glass Bulgaria said on Wednesday that it turned to a net profit of 37.3 million levs ($21.4 million/19.1 million euro) in 2018 from a net loss of 6.3 million levs in 2017.
The company's sales revenue grew to 246.6 million levs last year from 221.3 million levs the year before, BA Glass Bulgaria said in an annual financial statement.
In 2018, BA Glass Bulgaria generated 31.6% of its sales revenue on the local market and 68.4% from exports. The company exports its output to over 20 countries in Europe.
Other operating revenue shrank to 571,000 levs in 2018 from 9.8 million levs a year earlier.
Cost of goods sold increased to 120.2 million levs last year from 116.5 million levs in 2017.
Losses from asset impairments dropped to 2.4 million levs in 2018 from 43.1 million levs in 2017. In 2017, BA Glass Bulgaria impaired its interest in Cyprus-based Ivaglass Manufacturers Limited.
The company has two production bases in Bulgaria - in Sofia and Plovdiv. BA Glass Bulgaria's output increased by an annual 3.3% to 334,197 t. in 2018.
BA Glass Bulgaria employed 720 people at the end of 2018 - 511 in Plovdiv and 209 in Sofia. This compares to 727 employed a year earlier - 517 in Plovdiv and 210 in Sofia.
In 2017, Portugal's BA Vidro, through its unit Portugal's BA Vidro Ltd, completed the acquisition of Bulgaria's Drujba Glassworks from Greek glassmaker Yioula. Drujba Glassworks was subsequently renamed to BA Glass Bulgaria and delisted from the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)