October 28 (SeeNews) - Bulgarian cables manufacturer Emka [BUL:57E] said on Monday that its net profit fell to 2.9 million levs ($1.6 million/1.5 million euro) in the first nine months of 2019 from 3.3 million levs in the same period of 2018, following a decrease in revenue.
Emka's revenue dropped to 71.8 million levs in the January-September period of this year from 79.1 million levs in the comparable period of 2018, the company said in an annual financial statement.
Exports accounted for 67% of the company's sales during the review period.
Operating expenses declined to 68.8 million levs in the first three quarters of the year from 75.9 million levs in the corresponding period of 2018, as expenses for materials fell to 59.6 million levs from 65.9 million levs.
Emka's assets amounted to 45.6 million levs at the end of September, up from 43.3 million levs a year earlier.
Emka's largest shareholder at the end of September was local Kemp with a stake of 37.37%, followed by Industrial Capital Holding [BUL:4I8] with a stake of 33.12%.
(1 euro = 1.95583 levs)