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Nov 28, 2023 18:21 EEST
November 28 (SeeNews) - Bulgarian fertiliser producer Neochim [BUL:NEOH] reported on Tuesday that it turned to a consolidated net loss of 23.75 million levs ($13.3 million/12.1 million euro) in the first nine months of 2023, reversing a consolidated net profit of 76.1 million levs a year ago.
The weaker performance was due to a decline in revenue, to 223.4 million levs from 502.3 million levs, as the bulk of it, revenue from client contracts more than halved to 220.5 million levs, Neochim said in an interim financial statement.
The company booked a 42% annual drop in operating expenses to 247.1 million levs on the back of lower costs for materials, Neochim said in an interim financial statement.
Expenses for materials, such as natural gas, totalled 186.8 million levs in January-September compared to 363.8 million levs in the same period of 2022.
Neochim's changes in inventories of finished goods and work in progress had a positive value of 12.5 million levs compared to a negative value of 26.35 million levs a year earlier.
Neochim's net loss per share amounted to 9.18 levs in the review period against net earnings per share of 29.43 levs a year earlier.
Earlier this year, shareholders approved the distribution of a gross dividend of 12.93 million levs, or 5.00 levs per share, for 2022 out of Neochim's net profit of some 70.2 million levs for last year. The company distributed the same amount in dividend for 2021.
The fertiliser maker had to halt production several times this year. Most recently, its ammonia unit resumed production on August 20 after a two-week shutdown.
Shares in Neochim closed 1.15% higher at 26.30 levs on Tuesday, Sofia bourse data show.
(1 euro = 1.95583 levs)
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