May 29 (SeeNews) - Bulgarian bottle cap manufacturer Herti [BUL:HTV] said on Monday that its consolidated net profit increased to 2.92 million levs ($1.6 million/1.5 million euro) in the first quarter of 2023 from 1.62 million levs in the same period of last year.
Herti's revenue grew to 24.1 million levs in the January-March period of this year from 23.5 million levs in the same period of 2022, the company said in an interim financial statement.
The manufacturer's operating expenses shrank to some 21.2 million levs in the review period from 21.9 million levs the year before, mostly due to drop in expenses for materials.
Earlier this year, the company's board took a decision to initiate a project for the installation of a solar panel system at the factory in the northeastern town of Pliska, to be financed by EU recovery funds.
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 2.48 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data showed.
(1 euro = 1.95583 levs)