November 29 (SeeNews) - Bulgarian cosmetics producer Lavena [BUL:LAV] said that its consolidated net profit fell to some 1.1 million levs ($ 583,783/562,421 euro) in the first nine months of 2022 from 1.97 million levs in the same period of last year.
Lavena's revenue edged up to some 16.9 million levs in the January-September period from a little over 16 million levs in January-September 2021, the company said in an interim financial statement on Monday.
Expenses, however, increased to 15.6 million levs from 13.6 million levs in the corresponding period of last year, largely due to higher costs for materials and personnel.
The company's assets increased by an annual 9% to 34.4 million levs in the nine months through September.
Lavena also said that during the reporting period it agreed an investment loan of 477,000 euro to purchase equipment that will beef up its production capacity. The loan has an annual floating rate of six-months Euribor plus 0.7% but no less than 1.6%. It is due in August 2026.
In June, Lavena shareholders approved a gross dividend of 0.02 levs for 2021, down from 0.03 levs per share paid out in 2020.
Shares in Lavena last traded flat at 2.80 levs on the BaSE segment of the Bulgarian Stock Exchange, bourse data showed.
(1 euro = 1.95583 levs)