March 2 (SeeNews) - Bulgarian poultry producer Gradus [BUL:GR6] said that it turned to a consolidated net loss of 397,000 levs ($216,866/202,982 euro) last year from a net profit of 17.9 million levs in 2021 due to higher expenses.
The company’s revenue increased to 178.6 million levs in 2022 from 172.2 million levs a year earlier, Gradus said in an annual financial statement on Wednesday.
Total sales fell by 4% to 150.1 million levs last year, as sales to non-European countries dropped by 35% to 24.8 million levs and domestic sales edged down by 1% to 96.3 million levs. At the same time, European sales jumped by 33% to 29 million levs.
Operating expenses went up to 178.9 million levs in the review period from 152.5 million levs, chiefly due to 28% higher costs for materials, along with asset impairment charges, which rose to 32.1 million levs from 14.6 million levs in 2021.
Gradus announced on Thursday that its majority-owned subsidiary Gradus-98 would invest 1.57 million levs to set up a photovoltaic power plant and modernise its bird-raising facilities.
As of 1450 CET on Thursday, shares in Gradus traded 0.71% lower at 1.40 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)