May 13 (SeeNews) - The operator of Bulgarian state-owned Port of Varna, located on the Black Sea coast, said that it turned to a net loss of 926,000 levs ($514,000/473,000 euro) in the first quarter of 2020 from a net profit of 852,000 levs in the same period of 2019.
Port of Varna's operating revenue dropped 16.2% year-on-year to 12.8 million levs in the January-March period of 2020, the company said in an interim financial statement.
The volume of cargo handled decreased 5.7% to 1.82 million tonnes in the first three months of the year.
The port operator's operating expenses fell 3.9% to 12.2 million levs in the review period.
Port of Varna employed 1,383 people in the first quarter, down from 1,445 a year earlier.
The company's business plan envisaged revenue of 13.4 million levs and a net profit of 75,000 levs in the first quarter.
(1 euro = 1.95583 levs)