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Bulgarian ammo maker VMZ boosts 9-mo net profit on revenue rise

Author Mario Tanev
Bulgarian ammo maker VMZ boosts 9-mo net profit on revenue rise Photo: VMZ / All rights reserved.

SOFIA (Bulgaria), November 7 (SeeNews) - Bulgarian state-owned ammunition manufacturer Vazovski Mashinostroitelni Zavodi (VMZ) said that its net profit soared to 14.1 million levs ($8 million/7.2 million euro) in the January-September period of 2019 from 1.4 million levs in the same period of last year.

VMZ's operating revenue grew to 193.5 million levs in the first nine months of the year from 153.1 million levs in the comparable period of 2018, the company said in an interim financial statement.

Sales of anti-tank guided missiles formed 35.8% of VMZ's total revenue, followed by unguided aircraft rockets and 122mm rounds, with 19.34% and 11.51%, respectively.

Operating expenses increased to 179.1 million levs in the review period from 151.4 million levs the year before, as expenses for materials and hired services rose to 125.6 million levs from 105 million levs in the prior-year period.

VMZ employed an average of 3,943 people in January-September, down from 4,266 people in 2018.

(1 euro = 1.95583 levs)