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Bulgaria's Neochim trims 2019 non-cons net loss, lifts revenue

Author Mario Tanev
Bulgaria's Neochim trims 2019 non-cons net loss, lifts revenue Neochim/All rights reserved.

SOFIA (Bulgaria), January 29 (SeeNews) - Bulgarian fertilisers maker Neochim [BUL:3NB] said on Wednesday that its non-consolidated net loss narrowed to 13.6 million levs ($7.7 million/7 million euro) in 2019 from 19.2 million levs the year before.

Neochim's sales grew to 254.8 million levs last year from 220.1 million levs in 2018 on the back of higher exports, figures from the company's annual financial statement show.

Sales abroad rose to 164.6 million levs from 116.5 million levs in 2018, while domestic sales fell to 90.1 million levs from 103.4 million levs.

Ammonium nitrate sales, which form the majority of the company's revenue, accounted for both the higher exports and the lower domestic sales. Ammonium nitrate sales in Bulgaria decreased by 13.2 million levs to 86 million levs in 2019, while ammonium nitrate sales abroad grew by 54.2 million levs to 125.6 million levs.

Neochim's operating expenses rose to 274.3 million levs last year from 246.6 million levs in 2018, largely due to a 22.8 million levs increase in expenses for materials.

At the end of 2019, local Eco Tech was Neochim's largest shareholder with a 24.28% stake. Euro Fert and Feboran followed with interest of 24.03% and 20.30%, respectively.

(1 euro = 1.95583 levs)