March 5 (SeeNews) - Bulgarian fertiliser producer Neochim [BUL:NEOH] said it posted a consolidated net loss of 39.1 million levs ($21.6 million/20 million euro) last year compared to a net profit of some 70 million levs in 2022.
The company's performance was impacted by a slump in revenue, which more than halved to 300.8 million levs in 2023 from 648.5 million levs the prior year, Neochim said in a financial statement last week. The majority of it, or 289.4 million levs, was generated from product sales, down from 626.5 million levs in 2022.
Neochim's operating expenses also narrowed, to 339.8 million levs in the review period from 570.5 million levs a year earlier.
Expenses for materials, such as natural gas, totalled 281.6 million levs last year compared to 476.1 million levs in 2022. At the same time, other expenses dropped to 4.9 million levs from 42.6 million levs.
Neochim's net loss per share amounted to 15.12 levs in 2023 against net earnings per share of 27.09 levs the previous year.
At the end of last year, Neochim said it would start gradually shutting down production facilities from December 31 to carry out mandatory technical check-ups and testing of pressurised equipment. Production at the company's ammonium nitrate and nitric acid plants resumed on March 2, Neochim said in a separate statement.
As of 1330 CET on Tuesday, shares in Neochim traded 1.82% higher at 22.40 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)