August 28 (SeeNews) - Bulgarian fertilisers producer Neochim [BUL:3NB] said on Wednesday that it turned to a consolidated net profit of 1.1 million levs ($623,000/562,000 euro) in the first half of 2019 from a net loss of 283,000 levs in the same period of 2018.
Neochim's revenue grew to 173.8 million levs in the January-June period of 2019 from 122.1 million levs in the comparable period of last year, the company said in an interim financial statement.
Domestic sales edged up to 54.6 million levs in the review period from 52.3 million levs the year before, while sales abroad soared to 115.5 million levs from 66.7 million levs.
The sharp rise in foreign market sales can mainly be attributed to ammonium nitrate exports, which grew to 90.4 million levs from 46.4 million levs.
The company's operating expenses increased to 172.8 million levs in the first six months of the year from 122.4 million levs in the like period of 2018.
Neochim's assets edged down to 135.5 million levs at the end of June from 136.6 million levs a year earlier.
The company consolidates the results of local Neochim Protect and Turkey-registered Neochim Taram.
Earlier this month, Neochim said that it has decided to suspend its ammonia production activities indefinitely, due to the natural gas prices in the country, which, according to Neochim, are among the highest in the EU, and the rising cost of the EU emission allowances.
(1 euro = 1.95583 levs)