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Nov 15, 2017 18:25 EEST
November 15 (SeeNews) - Bulgarian cellulose producer Svilosa [BUL:3MZ] said on Wednesday its consolidated net profit rose to 20.8 million levs ($12.6 million/10.6 million euro) in the first nine months of 2017, compared to 5.2 million levs in the prior-year period.
The company’s revenue increased to 99.5 million levs in the January-September period, compared to 79.5 million levs in the like period of 2016, Svilosa said in a bourse filing.
Cost of goods sold grew to 67.9 million levs in the review period, from 65.1 million levs in the like period of last year.
In September, Svilosa [BUL:3MZ] said it plans to set up a joint venture in Bulgaria with Indian peer Sigachi Industries by the end of 2017. The newly established company will have a registered capital of 25 million euro ($29.9 million), with Svilosa and Sigachi Industries holding stakes of 50% each.
Svilosa produces bleached kraft pulp and related items.
(1 euro = 1.95583 levs)
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