May 29 (SeeNews) - Bulgarian aluminium products manufacturer Alcomet [BUL:6AM] said on Wednesday that its consolidated net profit fell to 3.6 million levs ($2.1 million/1.8 million euro) in the first quarter of 2019 from 4.4 million levs in the same period of 2018, following an increase in expenses.
Alcomet's expenses rose to 93.9 million levs in the January-March period of the year from 92.2 million levs in the comparable period of 2018, the company said in an interim financial statement.
The company's revenue edged up to 97.9 million levs in the review period from 97.1 million levs in the corresponding period of 2018.
In terms of volume, Alcomet's sales edged down 0.3% to 17,862 metric tons. The company sold 6,178 metric tons of rolled products, 1.38 more than the year before, and 11,694 metric tons of extruded products, down 1.22% on the year.
The company's biggest market last year was Germany, with a 26.3% share of all sales, followed by Italy and Poland with 16.7% and 9.3%, respectively.
Alcomet's output decreased by around 5% to 16,918 metric tons of rolled and pressed products in the first quarter. Rolled products output fell 7.2% to 11,264 metric tons, while production of extruded products lost 1.6% to 5,746 metric tons.
Earlier this month, the company launched a new aluminium profiles production facility and said it is aiming to enter the automotive parts industry. The new Hybrex press, produced by Germany's SMS Group, will allow Alcomet to boost its extruded products output in the medium term to 35,000 tonnes per year, the company said at the time.
Alcomet consolidates the results of its wholly-owned subsidiary Euromet.
Alcomet produces household, technical and container foils, finstock, sheets and strips, as well as standard and customized profiles. The company exports over 90% of its output.
(1 euro = 1.95583 levs)