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SOFIA (Bulgaria), June 24 (SeeNews) - Bulgarian cellulose producer Svilosa said that its consolidated net profit more than doubled to 30.8 million levs ($17.9 million/15.7 million euro) in 2018 from 13.9 million levs in 2017, backed by higher revenue.
Svilosa's sales revenue grew to 152.5 million levs last year from 120.0 million levs in 2017, the company said in an annual financial statement on Friday.
Cost of goods sold rose to 114.5 million levs in 2018 from 92.1 million levs the year before.
Administrative expenses edged down to 4.4 million levs in 2018 from 4.5 million levs in 2017, while selling and distribution expenses rose slightly to 1.03 million levs from 942,000 levs.
Total assets increased to 166.3 million levs at the end of 2018 from 141.7 million levs a year earlier, following an increase in inventory and receivables.
The company was delisted from the Bulgarian Stock Exchange earlier this year, after its majority owner A.R.U.S. Holding carried out a buyout bid.
Svilosa, through its unit Svilocell, is the largest producer of bleached kraft pulp in Bulgaria.
(1 euro = 1.95583 levs)