July 9 (SeeNews) - Bulgarian tobacco group Bulgartabac Holding [BUL:57B] said on Monday it turned to a consolidated net loss of 3.1 million levs ($1.9 million/1.6 million euro) in the first quarter from a net profit of 17.3 million levs in the same period of 2017, after a sharp decline in revenue.
Bulgartabac's total revenue fell to 78.5 million levs in January-March, compared to 111.4 million levs in the first three months of last year, the company said in an interim financial statement.
The group swung to a consolidated net profit of 31.8 million levs in 2017 from a net loss of 19.2 million levs in the previous year thanks to the sale of its cigarette brands. In May 2017, British American Tobacco (BAT) purchased Bulgartabac's leading cigarette brands for more than 100 million euro.
Bulgartabac's sales revenue decreased to 78.1 million levs in the first quarter of 2018 from 103.3 million levs a year earlier, according to the statement.
Financial revenue shrank to 442,000 levs from 8.1 million levs, as the company sold no assets during the period under review, while it gained 7.5 million levs in the same period of 2017.
Bulgartabac's expenses for materials dropped to 18.2 million levs from 44.1 million levs. However, cost of goods sold grew sharply to 37.6 million levs from 6.8 million levs.
The group's total expenses decreased to 82.2 million levs in the first quarter from 91.4 million levs the year before.
Bulgartabac Holding's consolidated assets amounted to 849.3 million levs at the end of March, lower than 926.0 million levs at the end of March 2017.
(1 euro = 1.95583 levs)