Bulgaria's Herti 9-mo cons net profit up despite revenue drop

However, Herti's overall revenue declined to 61.8 million levs in January-June from 71.5 million levs a year earlier, the company said in an interim financial statement on Thursday. Revenue from product sales dropped 9.7% on the year to 60.7 million levs.

The company's operating expenses narrowed by some 10 million levs to roughly 55 million levs in the nine months through September. on the back of a 27% fall in costs for materials. Herti said it expects prices for main raw materials such as aluminium, inks, varnishes and sealants to continue to decline in the last quarter of the current year.

Established in 1993, Herti produces over 1 billion bottle caps per year. The company has sales subsidiaries in the UK, Germany, France and the U.S.

Shares in Herti last traded at 2.405 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)