Bulgaria's Gradus widens cons net loss in 2023

The company’s total revenue declined to 156.1 million levs last year from 178.6 million levs in 2022, Gradus said in a financial statement on Wednesday.

Total sales fell by 4% year-on-year to 144.3 million levs in the review period, as sales to countries outside Europe sank by 40% to 14.8 million levs and domestic sales went down 4% to 92.6 million levs. In contrast, sales to European countries leapt by an annual 28% to some 37 million levs.

At the same time, Gradus' operating expenses narrowed to 169.1 million levs from 178.9 million levs on the back of a 22% drop in costs for materials.

In December, Gradus said it acquired new production equipment for its wholly-owned meat processing subsidiary Gradus-1 at a total cost of 1.87 million levs.

Shares in Gradus last traded on Thursday when they closed at 1.45 on the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)