May 31 (SeeNews) - Bulgarian poultry producer Gradus [BUL:GR6] said that its consolidated net profit rose to 13.6 million levs ($7.8 million/7.0 million euro) in the first quarter of 2019 from 12.2 million levs in the same period of 2018, following a rise in revenue.
Gradus' total revenue amounted to 51 million levs in the January-March period, sharply up from 37.5 million levs in the comparable period of 2018, figures from the company's interim financial statement, published on Thursday, showed.
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Net sales grew to 40.7 million levs in the review period from 27.2 million levs the year before, backed by higher exports, stable prices on the international markets and better grain sales.
The group's expenses rose to 35.7 million levs in the first three months of the year from 24.0 million levs, as cost of goods sold soared to 8.8 million levs from 856,000 levs the year before.
Gradus closed the quarter with a net cash flow of some 10.8 million levs. Its assets grew to 382.4 million levs at the end of March from 363.7 million levs a year earlier, as cash and cash equivalents increased to 18 million levs from 7.3 million levs.
The company remained extremely well capitalisted, as it boasted a current ratio of 4.5, with current assets totalling 122.8 million levs.
The group employed an average of 1,300 people throughout the first quarter, slightly down from 1,315 in the like period of 2018.
Gradus consolidates the results of six units - Gradus-1, Gradus-3, Gradus-98, Lora-2004, Millenium 2000, and Zhuliv.
Gradus shares edged up 0.56% on Thursday, closing at 1.795 levs, and extending their winning streak to three consecutive sessions. Gradus shares are on the verge of resurfacing over their June 2018 IPO price of 1.80 levs for the first time since March.
In June 2018, Gradus raised 81.4 million levs in a two-day initial public offering (IPO) on the BSE, making it the biggest IPO on the exchange since 2007. Investors subscribed for 45.2 million Gradus shares, or 81% of the total number of offered shares, at a price of 1.8 levs apiece.
(1 euro = 1.95583 levs)