Bulgaria's Herti Q1 cons net profit shrinks 42% y/y

Herti's total revenue declined to 18.34 million levs in January-March from 24.11 million levs a year earlier, the company said in an interim financial statement. Product sales generated 17.94 million levs, down 24% on the year.

In parallel, operating expenses shrank to 16.62 million levs in the review period from some 21.19 million levs in the first three months of 2023, chiefly due to a 33% drop in costs for materials to 9.2 million levs.

In April 2023, Herti received approval for its Greenpress project funded by the Norwegian Financial Mechanism. The initiative involved the purchase of a sheet press and die, aimed at reducing energy costs and technological waste and boosting capacity. The project, with a budget of 401,100 euro ($426,451), was completed in February 2024, with Herti receiving 200,000 euro in financing last month.

Herti produces 2 billion bottle caps annually and sells them in over 60 countries through its subsidiaries in Romania, the U.K., France, Germany and the U.S., according to its website.

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)