Bulgaria's Lavena non-cons net profit drops on higher expenses in 2022

Lavena's revenue increased to some 21.6 million levs last year from 18.7 million levs in 2021, the company said in an interim financial statement.

At the same time, operating expenses jumped 20% in annual terms to 20.4 million levs, mostly due to a 16.8% increase in costs of materials.

Lavena's earnings per share sunk 27% on the year to 0.117 levs in the period under review.

In 2022, the company secured financing through two loans for a total of 1.2 million euro. The proceeds of the first loan, or 477,000 euro, will be used to purchase machinery and expand Lavena's production capacity.

Shares in Lavena last traded at 2.80 levs on the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)