May 29 (SeeNews) - Bulgarian poultry producer Gradus [BUL:GR6] said that its consolidated net profit rose to 17.1 million levs ($9.7 million/8.7 million euro) in the first quarter of 2020 from 13.7 million levs in the same period of 2019, largely due to a decrease in expenses.
Gradus' total expenses fell to 32 million levs in the review period from 35.7 million levs in the comparable period of 2019, as cost of goods sold fell, figures from the company's interim financial statement, published on Thursday, show.
The company's revenue remained flattish year-on-year at 51.1 million levs in the first quarter, as higher sales in Bulgaria and the rest of Europe were offset by a drop in sales in third countries.
Domestic sales added 17% to 24.3 million levs, while sales in Europe jumped 29% to 5.3 million levs. Sales in third countries dropped 30% to 10.5 million levs in the period under review.
Sales of meat and meat products rose 18% to 18.5 million levs, sales of fertilised eggs grew 16% to 15.5 million levs, while grain sales plunged 44% to 6 million levs.
The company employed 1,343 people at the end of March, up from 1,300 a year earlier.
Gradus consolidates the results of seven units - Gradus-1, Gradus-3, Gradus-98, Lora-2004, Millennium 2000, Zhyuliv, and Gold Farm 91.
(1 euro = 1.95583 levs)