January 29 (SeeNews) - Bulgarian cosmetics maker Lavena [BUL:4L4] said on Wednesday that its non-consolidated net profit rose to 1.1 million levs ($618,500/ 562,400 euro) in 2019 from 663,000 levs in 2018.
Lavena's revenue amounted to 19.2 million levs last year, up from 16.3 million levs in 2018, the company said in a financial statement.
The company's expenses increased to 18.0 million levs in the review period from 15.5 million levs a year earlier, mostly due to an increase in expenses for materials and hired services.
Lavena's assets amounted to 31.8 million levs at the end of December, up from 30 million levs a year earlier.
In December, Lavena inaugurated the expansion of its production and logistics base in Shumen, following a 7 million levs investment. Lavena partially financed the project through a capital increase in early 2019, when it issued nearly 1.6 million shares raising some 5.6 million levs. The rest was financed with part of the proceeds of a 4.5 million levs investment loan, which the company took out in 2019 and has to repay by 2023.
(1 euro = 1.95583 levs)