July 21 (SeeNews) - Bulgarian steel manufacturer Stomana Industry said its net loss decreased to 13.2 million levs ($7.8 million/6.7 million euro) in 2016, from 51.2 million levs in 2015.
Sales revenues fell by 12% to 523.2 million levs in 2016, while cost of sales decreased by 18.5% to 468.9 million levs last year, the company said in its annual financial report.
As of end-December, Stomana Industry employed 1,032 workers, down from 1,085 in 2015.
Stomana Industry produces concrete reinforcing steel, heavy plate, merchant bars, special steels, profiles and sections. Its steel plant is located in Pernik, some 20 km southwest of Sofia.
The company is 99.99%-owned by Belgium-headquartered Viohalco.
(1 euro = 1.95583 levs)