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SOFIA (Bulgaria), May 7 (SeeNews) - Bulgarian state-owned ammunition manufacturer Vazovski Mashinostroitelni Zavodi (VMZ) said that its net profit shrank to 7.2 million levs ($4.1 million/3.7 million euro) in 2018 from 150.1 million levs the year before.
VMZ's total revenue plunged to 240.5 million levs last year from 535.8 million levs in 2017, the company said in an annual financial statement.
The company's total expenses fell to 232.2 million levs in 2018 from 368.8 million levs a year earlier.
In a separate financial statement, VMZ said that its net profit grew to 4.5 million levs in the first quarter of this year from 1.2 million levs in the same period of 2018.
VMZ's first-quarter revenue came in at 55.1 million levs, compared to total revenue of 53.7 million levs in the comparable period of 2018. The company's expenses fell to 45.4 million levs in the January-March period of 2019 from 52 million levs in the prior-year period.
(1 euro = 1.95583 levs)