April 5 (SeeNews) - Bulgarian state-owned natural gas supplier Bulgargaz said its net profit rose 80% to 36.7 million levs ($20 million/18.8 million euro) in 2016.
however, Bulgargaz's total revenue fell to 1 billion levs in 2016 from 1.4 billion levs a year earlier, the company said in an annual financial report.
The company sold 3 billion cu m of gas last year, up from 2.65 billion cu m in 2015.
The company noted that in 2016 the cost of natural gas sold, representing 96.6% of total expenses, was 30.36% lower year-on-year.
Bulgargaz' total assets decreased to 337.2 million levs in 2016 from 456.6 million levs in 2015.
Bulgargaz is part of the Bulgarian Energy Holding (BEH), which pools all state-owned energy assets.
(1 euro=1.95583 levs)
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