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Bulgaria's Avionams lowers 9-mo net profit on revenue decrease

Author Mario Tanev
Bulgaria's Avionams lowers 9-mo net profit on revenue decrease Author: Peter Gronemann Licence: Creative Commons

SOFIA (Bulgaria), November 7 (SeeNews) - Bulgarian state-owned aircraft repair plant Avionams said that its net profit fell to 2 million levs ($1.1 million/1.0 million euro) in the first nine months of the year from 6.5 million levs in the same period of 2018, following a decrease in revenue.

Avionams' revenue dropped to 19.6 million levs in the January-September period of 2019 from 30.5 million levs in the comparable period of last year, the company said in an interim financial report.

The company also lowered its expenses to 17.5 million levs in the review period from 23.9 million levs the year before, as expenses for materials plunged 81.6% to 2.8 million levs.

Avionams employed an average of 294 people in first nine months of the year, down from 302 people in the corresponding period of 2018.

(1 euro = 1.95583 levs)

 

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