May 22 (SeeNews) - Bulgarian fertilisers producer Neochim [BUL:3NB] said on Wednesday that its consolidated net profit fell to 6.1 million levs ($3.5 million/3.1 million euro) in the first three months of 2019 from 7.9 million levs in the same period of 2018.
Neochim's total revenue grew sharply to 101.6 million levs in the first quarter of the year from 66.6 million levs in the corresponding period of 2018, after a major increase in exports, the company said in an interim financial statement.
The fertiliser maker's revenue from sales on foreign markets doubled to 66.3 million levs in the review period from 33.5 million levs in the first three months of 2018. Domestic sales edged up to 33.3 million levs from 31.6 million levs a year earlier.
The sharp rise in foreign market sales can mainly be attributed to ammonium nitrate exports, which grew to 51.8 million levs in the first quarter from 21.9 million levs in the prior-year period.
Neochim's total expenses increased to 95.5 million levs in the period under review from 58.7 million levs the year before.
Expenses for materials rose to 65.5 million levs in the first quarter from 51.1 million levs a year earlier, while expenses for hired services grew to 9.6 million levs from 5.5 million levs.
Neochim consolidates the results of local Neochim Protect and Turkey-registered Neochim Taram.
The group employed 931 people at the end of March.
(1 euro = 1.95583 levs)