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Bulgaria's Insa Oil posts lower 2018 net profit despite rise in revenue

Author Mario Tanev
Bulgaria's Insa Oil posts lower 2018 net profit despite rise in revenue wrangler/Shutterstock.com

SOFIA (Bulgaria), July 12 (SeeNews) - Bulgarian fuel trader Insa Oil said that its net profit fell to 8.3 million levs ($4.8 million/4.2 million euro) in 2018 from 9.5 million levs the year before, despite a rise in revenue.

Insa Oil's sales grew to 490.2 million levs last year from 450.2 million levs in 2017, the company said in an annual financial statement.

Expenses for materials and consumables increased to 398.4 million levs in 2018 from 347.8 million levs.

Expenses for hired services edged up to 5.7 million levs from 5.2 million levs, while amortisation costs rose to 4.8 million levs from 3.2 million levs.

The company's assets decreased to 279.6 million levs at the end of 2018 from 290.6 million levs a year earlier.

Insa Oil employed 115 people in 2018, compared to 90 in 2017.

Insa Oil is fully owned by local private investor Georgi Samuilov.

(1 euro = 1.95583 levs)

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