February 28 (SeeNews) - Bulgarian farming group BG Agro [BUL:BGAG] said on Tuesday that its consolidated net profit declined to some 9 million levs ($4.86 million/4.6 million euro) last year from 9.6 million levs in 2021, due to a drop in revenue.
At 117.6 million levs, the company's total revenue in 2022 was 27% lower than a year earlier, BG Agro said in an annual financial statement. Sales of goods dropped by 38% to 83.1 million levs in the review period, while sales of products and services both surged by 66%.
BG Agro received 4.1 million levs in government subsidies last year against 3.9 million levs in 2021.
Operating expenses fell to 108.1 million levs from 150.1 million levs, on the back of a 42% decrease in the book value of assets sold excluding production.
Shares in BG Agro last closed at 1.38 levs on the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)