January 28 (SeeNews) - Bulgarian cables manufacturer Emka [BUL:57E] said on Tuesday that its net profit rose to 4.4 million levs ($2.5 million/2.2 million euro) in 2019 from 4.2 million levs the year before, backed by a decrease in expenses.
Emka's operating expenses fell to 93.2 million levs last year from 102.2 million levs in 2018 after a 7.2 million levs decrease in expenses for materials, figures from the company's annual financial statement showed.
The company's revenue decreased to 97.7 million levs in 2019 from 106.4 million levs the year before. Exports accounted for 66% of the company's sales last year.
Emka's assets amounted to 46.4 million levs at the end of 2019, up from 43.3 million levs a year earlier.
The company's shares closed unchanged at 2.40 levs on the Bulgarian Stock Exchange on Tuesday.
Emka's largest shareholder at the end of 2019 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)