August 25 (SeeNews) - Bulgarian poultry producer Gradus [BUL:GR6] said on Thursday that its consolidated net profit decreased to 8.75 million levs ($4.5 million/4.5 million euro) in the first half of 2022 from 13.4 million levs in the same period of last year, as domestic sales recorded a decline.
The company's operating revenue dropped to 86.2 million levs in the January-June period from 93.1 million levs in the comparable period of 2021, the company said in an interim financial statement.
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Revenue from sales to end-June declined by an annual 6% to some 76.9 million levs, mainly on the back of a 98% drop in sales of goods to 403,000 levs.
Domestic sales, which make up 61% of all Gradus sales in the year to date, ticked down by an annual 13% to some 47.2 million levs, whereas sales in European markets added 16% to 13.6 million levs. Sales in third countries improved by 3% to 16.1 million levs.
Revenue from sales of meat and meat products widened 22% to some 41.7 million levs, while revenue from breeding eggs went up 13% to 33.7 million levs. Gradus' revenue from sales of grain and feed components tumbled 96% to 748,000 levs.
The company's total expenses edged down to 76.6 million levs in the first half of the year from 77.2 million levs the year prior, despite a 37% jump in expenses for materials to 57.3 million levs.
Last month, Gradus announced that it has become a certified supplier in Europe of US fast food restaurant chain KFC.
As at 13:15 CET, shares in Gradus traded flat at 1.46 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)