June 21 (SeeNews) - Bulgarian copper mining company Asarel-Medet said that its consolidated net profit grew to 72.2 million levs ($41.7 million/36.9 million euro) in 2018 from 66.6 million levs in 2017, following a solid rise in revenue.
Asarel-Medet's sales revenue increased to 434.8 million levs in 2018 from 374.9 million levs the year before, the company said in an annual financial statement.
Expenses for materials rose to 157.6 million levs last year from 152.0 million levs in 2017, while personnel costs edged up to 80.9 million levs from 80.5 million levs.
Asarel-Medet's total assets edged down to 1.07 billion levs at the end of 2018 from 1.10 billion levs a year earlier, following a decrease in current assets.
Asarel-Medet consolidates the results of 12 subsidiaries, mostly active in mining.
The company's majority owner at the end of 2018 was Malta-based VA Copper Invest, with a stake of 67.61%.
Asarel Medet was set up in 1991 and is based in Panagyurishte, in southern Bulgaria. In June 1999, the company was acquired by Asarel-Invest – a joint stock company majority owned by VA Copper Invest - a subsidiary of Austria's VA Intertrading.
(1 euro = 1.95583 levs)