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May 23, 2023 11:09 EEST
May 23 (SeeNews) - Bulgarian farming group Agria Group Holding [BUL:AGH] said on Friday that its consolidated net profit plunged to 610,000 levs ($337,526/311,887 euro) in the first quarter of this year from 22.3 million levs in the same period of 2022, chiefly due to higher expenses.
Agria Group Holding's operating revenue increased to 151.2 million levs in January-March from 128.5 million levs a year earlier, the company said in an interim financial statement on Monday. Sales revenue added 16% year-on-year to 147.5 million levs.
You can download the 2023 Agriculture industry in Southeast Europe report here
Operating expenses surged to 150.6 million levs in the review period from 106.2 million levs in the first quarter of 2022 on the back of increases in costs for materials and costs of goods sold.
The group consolidates a number of subsidiaries active in the areas of agribusiness, storing and processing of oil crops and exports. Most recently, the company acquired bioethanol producer Almagest in February, gaining access to new market segments through the deal.
As of 1000 CET on Tuesday, shares in Agria Group traded 7.26% lower at 23.00 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)
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