May 29 (SeeNews) - Bulgarian fertiliser producer Neochim [BUL:NEOH] said on Monday that it closed the first quarter of 2023 with a consolidated net loss of 9.7 million levs ($5.3 million/5 million euro), compared to a net profit of 64.4 million levs a year earlier, chiefly due to lower revenue.
The company's operating revenue plunged by 60% on the year in January-March, to 109.2 million levs, Neochim said in an interim financial statement.
Neochim faced several technical issues in recent months, with the latest emergency shutdown at its ammonia production unit resulting in halted operations at its ammonium nitrate, nitric acid and electricity generation units last month.
Neochim booked 63.9 million levs in revenue from exports in the review period, down from 170.5 million levs in the first quarter of 2022. Ammonium nitrate exports declined by 52% on the year to 58.5 million levs, while exports of ammonia slumped to some 3.3 million levs from 45.8 million levs.
Domestic sales also fell in January-March, to 40.6 million levs from 93.9 million levs in the prior-year period, due to a 57% drop in ammonium nitrate sales.
Neochim's operating expenses dropped by an annual 42% to 118.9 million levs. Expenses for materials fell to 89.9 million levs from 149.7 million levs as the cost of natural gas went down by 39% to 82.1 million levs.
As of 1600 CET on Monday, shares in Neochim traded flat at 39.00 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)