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Bulgaria's Agria Group Holding lowers 9-mo cons net profit, lifts expenses

Author Mario Tanev
Bulgaria's Agria Group Holding lowers 9-mo cons net profit, lifts expenses Author: Agria Group Holding. License: All rights reserved.

SOFIA (Bulgaria), November 29 (SeeNews) - Bulgarian farming group Agria Group Holding [BUL:A72] said on Friday that its consolidated net profit fell to 4.6 million levs ($2.6 million/2.4 million euro) in the first nine months of 2019 from 5.3 million levs in the same period of last year.

Agria Group Holding's operating revenue grew to 229 million levs in the January-September period of the year from 182.9 million levs in the comparable period of 2018, the company said in an interim financial statement.

The group's main clients included Glencore Grain, Cargill Bulgaria, Soufflet Negoce - France, ADM Bulgaria and others. 

Operating expenses increased to 224.5 million levs in the review period from 177.6 million levs the year before, as cost of goods sold rose to 160.5 million levs from 118.1 million levs.

The group consolidates the results of 18 units.

Earlier this month, Bulgaria's Commission for Protection of Competition fined Agria Group Holding 65,000 levs for failure to properly notify the regulator about the acquisition of local company Kehlibar in 2016.

(1 euro = 1.95583 levs)

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