June 21 (SeeNews) - Bulgarian edible oil producer Papas-Olio said that its consolidated net profit edged up to 1.6 million levs ($926,000/818,000 euro) in 2018 from 1.5 million levs in 2017.
Papas-Olio's operating revenue grew to 393.3 million levs last year from 385.7 million levs in 2017, the company said in an annual financial statement.
Cost of goods sold fell to 315.9 million levs in 2018 from 319.4 million levs the year before. However, operating expenses rose to 390.5 million levs in 2018 from 382.3 million levs in 2017, as expenses for materials and hired services increased to 62.9 million levs from 52.7 million levs.
The company's assets rose to 181.7 million levs at the end of 2018 from 164.6 million levs a year earlier, mostly due to an increase in inventory.
Papas-Olio consolidates the results of local Zarneni Hrani 99 and Papas Mel, as well as Turkey's Granturko.
(1 euro = 1.95583 levs)