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Bulgaria's Lavena posts drop in H1 cons net profit

Author Radina Veleva
Bulgaria's Lavena posts drop in H1 cons net profit Lavena / All rights reserved.

SOFIA (Bulgaria), August 27 (SeeNews) - Bulgarian cosmetics producer Lavena [BUL:LAV] said on Friday that its consolidated net profit fell to 900,000 levs ($540,900/460,100 euro) in the first half of 2021, from some 1.7 million levs in the same period last year.

Lavena's revenue declined to some 9.6 million levs in the January-June period from 10.4 million levs in the first half of 2020, the company said in an interim financial statement.

Expenses inched down to some 8.6 million levs from 8.8 million levs in the corresponding period of last year.

Last year, Lavena received some 1 million levs in EU financing for the purchase of new equipment. Due to unexpected circumstances caused by the coronavirus pandemic, the investment project is expected to be completed by the end of 2021, the company said.

Lavena's shares last closed at 3.80 levs on the Bulgarian Stock Exchange on Thursday, bourse data showed.

(1 euro = 1.95583 levs)

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