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SOFIA (Bulgaria), June 7 (SeeNews) - Bulgarian arms producer Arcus [BUL:2AK1] said that its net profit grew to 21.4 million levs ($12.4 million/10.9 million euro) last year from 4.9 million levs in 2017, following a hefty increase in revenue.
Arcus' total revenue grew to 165.2 million levs in 2018 from 152.0 million levs the year before, as sales rose to 149.5 million levs from 141.7 million levs, the company said in an annual financial statement.
Expenses fell to 141.4 million levs last year from 146.5 million levs in 2017, despite an increase in expenses for materials to 96.4 million levs in 2018 from 84.4 million levs in 2017.
Using 15.99 million levs from its net profit in 2018, Arcus increased its capital to 45.69 million levs last week.
Arcus, based in the town of Lyaskovets, in northern Bulgaria, produces ammunition, fuses for artillery and tank ammunition, mortar bombs and air bombs, grenade launchers and small arms like pistols and revolvers.
(1 euro = 1.95583 levs)