Bulgaria's Lavena reports rise in 9-mo cons net profit, revenue

Lavena's revenue rose to 16.7 million levs in the review period from 15.4 million levs the year before, the company said in an interim financial statement.

Expenses increased to 14.1 million levs from 13.9 million levs a year earlier, mostly due to higher expenses for materials.

Lavena employed 131 people during the third quarter, up from 122 in 2019.

In February, Lavena won an EU grant of some 1 million levs for a project for expansion of its production capacity through the purchase of new equipment.

In December 2019, 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)