You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Bulgaria's Lavena grows Jan-Sept net profit, revenue

Author Mario Tanev
Bulgaria's Lavena grows Jan-Sept net profit, revenue Lavena / All rights reserved.

SOFIA (Bulgaria), October 28 (SeeNews) - Bulgarian cosmetics maker Lavena [BUL:4L4] said on Monday that its net profit in the first nine months of 2019 grew to 1.5 million levs ($851,000/767,000 euro) from 929,000 levs in the same period of 2018.

Lavena's revenue rose to 15.4 million levs in the January-September period of 2019 from 12.9 million levs in the comparable period of last year, the company said in an interim financial statement.

Total operating expenses increased to 13.8 million levs in the review period from 11.9 million levs the year before, mainly due to a rise in expenses for salaries and hired services.

Lavena spent 1.4 million levs on salaries in January-September 2019, compared to 1.2 million levs a year earlier, while expenses for hired services rose to 3.0 million levs from 2.6 million levs.

Lavena was majority-owned by local company Baltimore at the end of September.

(1 euro = 1.95583 levs)