January 29 (SeeNews) - Bulgarian textile company Mak [BUL:4MK] said on Wednesday that its net profit soared to 2.2 million levs () in 2019 from 308,000 levs the year before backed by higher revenue.
Mak's operating revenue grew to 23.8 million levs last year from 15.4 million levs in 2018, the company said in an annual financial statement.
Operating expenses also increased, to 21.5 million levs in 2019 from 15 million levs the year before, largely due to a 4.3 million levs rise in cost of goods sold and a 1 million levs increase in expenses for materials.
The company significantly improved its liquidity as current assets rose to 11.2 million levs at end-2019 from 8.9 million levs a year earlier, while current liabilities edged up to 6 million levs from 5.6 million levs at the end of 2018.
Gabrovo-based Mak specialises in the production of police, firefighter and military uniforms, and has a portfolio of over 400 products.
(1 euro = 1.95583 levs)