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Bulgaria's KCM turns to cons net loss in 2018, cuts revenue

Author Mario Tanev
Bulgaria's KCM turns to cons net loss in 2018, cuts revenue Author: KCM 2000. License: All Rights Reserved.

SOFIA (Bulgaria), June 13 (SeeNews) - Bulgarian lead and zinc smelter KCM, a unit of local group KCM 2000, said that it turned to a consolidated loss of 9.8 million levs ($5.7 million/5.0 million euro) in 2018 from a net profit of 44 million levs in 2017.

KCM's consolidated sales fell to 735.9 million levs last year from 759.2 million levs in 2017, the company said in an annual financial statement.

KCM's unit KCM Trade sold 70,510 tonnes of lead, 57,332 t. of zinc, and 15,569 t. of continuous galvanizing grade alloys in 2018. Some 92% of the company's revenue from lead sales came from exports, while 88.6% of the zinc sales were made abroad.

Expenses for materials grew to 606.8 million levs in 2018 from 598.4 million levs in 2017, while personnel expenses increased to 38.9 million levs from 34.6 million levs.

KCM boosted its capital investment to 18.8 million levs last year from 6.6 million levs in 2017.

The company's consolidated assets fell to 646.2 million levs at the end of 2018 from 208.3 million levs a year earlier, due to a decrease in inventory and receivables from clients.

KCM and KCM trade employed a total of 1,486 people in 2018.

(1 euro = 1.95583 levs)