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Bulgaria's Elatsite-Med cuts net profit in 2018, ups revenue

Author Mario Tanev
Bulgaria's Elatsite-Med cuts net profit in 2018, ups revenue wrangler/Shutterstock.com

SOFIA (Bulgaria), July 5 (SeeNews) - Bulgarian copper miner Elatsite-Med said that its net profit fell to 141.7 million levs ($81.6 million/72.5 million euro) in 2018 from 147.0 million levs the year before, due to a rise in expenses.

Elatsite-Med's sales revenue edged up to 516.0 million levs last year from 512.5 million levs in 2017, the company said in an annual financial statement.

Expenses for materials grew to 151.7 million levs from 136.8 million levs the year before, while expenses for hired services rose to 131.4 million levs from 114.4 million levs.

Personnel expenses increased to 61.9 million levs from 53.0 million levs.

The company's amortisation costs edged up to 29.3 million levs in 2018 from 27.2 million levs in 2017.

Elatsite-Med's assets grew to 560.3 million levs at the end of 2018 from 532.4 million levs a year earlier, due to a rise in real estate, machinery and equipment.

The company employed 1,853 people in 2018, compared to 1,808 in 2017.

(1 euro = 1.95583 levs)

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