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SOFIA (Bulgaria), May 7 (SeeNews) - Bulgarian state-owned aircraft repair plant Avionams said that its net profit grew sharply to 3.6 million levs ($2.1 million/1.8 million euro) in 2018 from 1.7 million levs the year before, following a hefty increase in revenue.
Avionams' total revenue added 38.2% to 38.6 million levs last year, as net sales gained 53.5% to 34.9 million levs, the company said in an annual financial statement.
The company's total expenses rose 33.3% to 35.1 million levs in 2018, inflated by a 69.6% jump in expenses for materials, which totalled 17.4 million levs.
In a separate financial statement, Avionams said that its net profit fell to 313,000 levs in the first quarter of 2019 from 550,000 levs in the same period of 2018.
Avionams' total first-quarter revenue edged up 0.2% to 5.2 million levs, while total expenses increased 5.3% year-on-year to 4.9 million levs.
Avionams offers a full range of services for the maintenance and repair of Soviet-made Mi-8, Mi-17 and Mi-24 helicopters, as well as MiG and Sukhoi fighter jets and L-39 trainer jets.
(1 euro = 1.95583 levs)