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Feb 24, 2023 10:55 EEST
February 24 (SeeNews) - Bulgarian textile company Mak [BUL:MAK] said that its consolidated net profit sank to 1.5 million levs ($814,182/766,935 euro) last year from 4.3 million levs in 2021, as revenue declined.
Mak's operating revenue went down to 24.3 million levs in 2022 from 31.7 million levs a year earlier, the company said in a financial statement on Thursday.
The company's sales revenue dropped by 25% to 23.4 million levs last year. Domestic sales nearly doubled to 13.1 million levs in annual terms, whereas sales abroad plunged by 58% to 10.3 million levs.
Mak’s operating expenses also fell in the review period – to 22.6 million levs from 26.9 million levs, mostly due to a positive change in inventory.
The company's assets totalled 38.8 million levs at the end of 2022, up from 32.3 million levs the previous year.
Shares in Mak last traded at 31.20 levs on the Bulgarian Stock Exchange, bourse data show. Gabrovo-based Mak specialises in the production of police, firefighter and military uniforms. It has a portfolio of over 400 products, including healthcare garments.
(1 euro = 1.95583 levs)
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