Bulgaria's Gradus sharply cuts 9-mon cons net profit

The weak performance resulted from a drop in overall operating revenue to 119.6 million levs in the review period from 141.5 million levs a year earlier, Gradus said in an interim financial statement.

Total production sales went down by 12% on the year to 102.2 million levs in the nine months through September, as domestic sales slipped by 4% to 71 million levs. At the same time, sales in Europe climbed by 27% to 27.5 million levs, whereas sales to countries outside Europe slumped by 58% to 9 million levs.

Revenue from goods sales for the reporting period rocketed by over 571% to 3.7 million levs compared to the same period in 2022, reflecting transactions carried out in the grains and internal market components segment.

Operating expenses at Gradus narrowed to 111.5 million levs from 117.7 million levs, mainly owing to lower costs for materials.

As of end- September, the poultry producer employed an average of 1,129 staff and had five subsidiaries.

(1 euro = 1.95583 levs)