November 13 (SeeNews) - Bulgarian state-owned Port of Varna said that its net profit dropped by an annual 42.1% to 11.6 million levs ($6.5 million/5.9 million euro) in the first nine months of 2019, hurt by lower revenue.
Port of Varna's revenue decreased by 5.3% to 50.2 million levs in the January-September period of 2019, the company said in an interim financial statement.
Cargo handled at the Black Sea port edged down 0.3% to 6,045 tonnes in the review period.
The company's operating expenses grew 5% year-on-year to 38.2 million levs, boosted by a 6.5% rise in personnel expenses, to 26.8 million levs.
The average salary paid by the company increased 8.8% to 1,367 levs.
The number of people employed fell by 2.7% compared to a year earlier to 1,431.
(1 euro = 1.95583 levs)