March 31 (SeeNews) - Bulgarian electric vehicle (EV) manufacturer Sin Cars Industry [BUL:SIN] said on Friday that its consolidated net loss widened to 233,000 levs ($129,686/119,131 euro) in 2022 from 197,000 levs a year earlier.
Sales jumped to 1.9 million levs in 2022 from some 1.2 million levs a year earlier, the company said in a bourse filing. Of the total, product sales generated 1.8 million levs, up from 352,000 levs in 2021.
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The annual growth was a result of EV sales and the resumed production and sales of aggregates, modules and components to external suppliers, the company added.
At the same time, Sin Cars' operating expenses went up by 51% year-on-year to 2.17 million levs, largely due to a sevenfold increase in costs for materials, to 2.19 million levs.
The consolidated figures include the results of Sin Cars Industry and its wholly-owned subsidiary Sin Cars Development.
Sin Cars said last month that it would focus on the production of its small series vehicles, increasing capacity and output volume in 2023.
Shares in the company last traded at 0.80 levs on the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)