January 24 (SeeNews) - Bulgarian car tire manufacturer Vidachim [BUL:4VD] said on Wednesday it turned to a net profit of 6.2 million levs ($3.9 million/3.2 million euro) last year from a net loss of 12.6 million levs in 2016.
The company's positive financial results were mainly due to a major cut in expenses, as Vidachim's total operating expenses shrank to 1.2 million levs in 2017 from 15.3 million levs in 2016, figures from the company's annual financial report filed with the Sofia bourse showed.
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Vidachim's operating revenue nearly tripled to 7.4 million levs last year, from 2.7 million levs in 2016.
At end-2017, Vidachim owed suppliers and clients 64.6 million levs, down from 70.7 million levs at end-2016.
(1 euro = 1.95583 levs)