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Oct 26, 2022 12:02 EEST
October 26 (SeeNews) - Bulgarian bottle cap manufacturer Herti [BUL:HERT] said on Wednesday that its standalone net profit surged to 5.38 million levs ($2.76 million/2.75 million euro) in the first nine months of 2022 from 805,000 levs a year earlier, as revenue soared.
In the period under review, revenue jumped to 68.6 million levs from the prior-year figure of 39.1 million levs, the company said in an interim financial statement.
Operating expenses expanded to 62.9 million levs from 38.02 million levs as costs of materials surged to 43.6 million levs from 24.08 million levs.
Herti said it faced higher prices of its main raw material, aluminium, in the first and the second quarter, with levels stabilising in the second half of the year. In response, the company is adjusting prices for its clients.
Herti also said that natural gas deliveries could be disrupted in the context of the war in Ukraine and the international sanctions against Russia. To secure its production process, the company is working on an option to use liquefied petroleum gas (LPG) as an alternative fuel, it said.
Shares in Herti last traded at 2.48 levs apiece on the BaSE market of the Bulgarian Stock Exchange, bourse data showed.
(1 euro = 1.95583 levs)
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