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Aug 22, 2022 13:59 EEST
August 22 (SeeNews) - Bulgarian bottle cap manufacturer Herti [BUL:HTV] said on Monday that its standalone net profit increased sharply to 4.15 million levs ($2.1 million/2.1 million euro) in the first six months of 2022 from 524,000 levs in the same period of last year.
In the first half of this year, Herti's operating revenue rose to 45.75 million levs from 24.4 million levs a year earlier, the company said in an interim financial statement.
Sales of goods were 88% higher than a year ago, driven by increases in sales to both EU and non-EU countries.
The company's operating expenses also starkly rose over the same period, to 41 million levs from 23.7 million levs in the first half of 2021, mostly due to a more than twofold increase in expenses for materials as well as higher costs for hired services and personnel. The company had a workforce of 566 as of the end of June, up from 531 a year earlier.
The company's materials expenses are influenced by the price of aluminium worldwide and on the London Metals Exchange. Herti therefore aims to sign contracts for delivery at prices fixed up to six month ahead, with potential risks including market volatility as well as increases in energy and transport prices.
Herti is actively working on broadening its market presence, it added.
Established in 1993, Herti produces over 1 billion bottle caps per year.
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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