August 20 (SeeNews) - Bulgarian lavender oil and cosmetics producer Lavena [BUL:4L4] said that its consolidated net profit halved to 604,000 levs ($352,500/511,290 euro) in the first half of 2018 from 1.2 million levs in the same period of last year, following a drop in revenue.
Lavena's operating revenue declined to 8.4 million levs in the first six months of the year from 9.0 million levs in the corresponding period of 2017, the company said in an interim financial statement.
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The company's operating expenses remained relatively unchanged at 7.7 million levs in the review period.
Lavena's expenses for materials fell to 3.7 million levs in January-June from 4.1 million levs the year before. The drop was offset by an increase in expenses for hired services, which rose to 1.3 million levs from 1.1 million levs a year earlier and personnel costs, which grew to 1 million levs from 896,000 levs.
Lavena's consolidated report includes the financial results of lavender producer Lavena Agro and marketing company Lavena Merchandising.
Earlier this month, Lavena increased its capital to 8.3 million levs from 319,981 levs via a bonus share issue. Existing shareholders received 25 new shares for each Lavena share they owned before the increase.
The shares from the capital increase were admitted to trading on the Bulgarian Stock Exchange on August 14.
Lavena shares last traded on the Bulgarian Stock Exchange on August 13, when they closed at 4.2 levs.
Established in 1962, Lavena owns lavender plantations and exports its products to Europe, Asia, Africa, Australia and the U.S. Bulgaria is among the world's biggest producers of lavender oil.
(1 euro = 1.95583 levs)