August 2 (SeeNews) - Bulgarian state-owned ammunition manufacturer VMZ Sopot said its net profit fell sharply to 5 million levs ($3 million/2.6 million euro) in the first half of 2018 from 73.4 million levs in the same period last year.
Total operating revenues fell to 76.8 million levs in the first half, from 234.3 million levs in the corresponding period last year, VMZ Sopot said in its H1 2018 financial report.
Total costs decreased to 64.1 million levs in the period under review from 146.7 million levs a year earlier.
In 2017, VMZ Sopot posted a net profit of 150 million levs, down from 171.7 million levs in the previous year on the back of higher total expenses.
VMZ Sopot was founded in 1940.
(1 euro = 1.95583 levs)