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Bulgarian ammo maker VMZ posts sharp rise in H1 net profit

Author Mario Tanev
Bulgarian ammo maker VMZ posts sharp rise in H1 net profit Photo: VMZ / All rights reserved.

SOFIA (Bulgaria), August 7 (SeeNews) - Bulgarian state-owned ammunition manufacturer Vazovski Mashinostroitelni Zavodi (VMZ) said that its net profit nearly doubled to 9.2 million levs ($5.3 million/4.7 million euro) in the first half of 2019 from 4.9 million levs in the same period of 2018.

VMZ generated revenue of 116.6 million levs in the January-June period of 2019, up from 104.7 million levs the year before, the company said in an interim financial statement.

The company's expenses increased to 106.9 million levs in the review period from 98.9 million levs in the comparable period of 2018, as expenses for materials and hired services rose to 72.2 million levs from 64.1 million levs.

VMZ's assets edged up up 466.5 million levs at the end of June from 463.4 million levs a year earlier, due to a rise in current assets.

(1 euro = 1.95583 levs)

 

 

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