August 14 (SeeNews) - The consolidated net profit of Bulgaria's Svilosa [BUL:3MZ] rose to 19.1 million levs ($11.1 million/9.8 million euro) in the first half of the year from 12.9 million levs in the same period of 2017, the cellulose producer said on Tuesday.
The company's operating revenue increased to 79.5 million levs in the first six months of 2018 from 67.2 million levs in the corresponding period of last year, Svilosa said in an interim financial statement.
Svilosa's operating expenses grew to 60.4 million levs in the review period from 54.3 million levs the year before, as expenses for materials rose to 38.7 million levs from 34.7 million levs a year earlier.
In December last year, the company stopped operations due to lack of raw material, which continued throughout the majority of the first month of this year.
Last month, Svilosa signed signed a contract with a consortium led by Chinese company Jinan Boiler Group for the construction of the CHP plant with an annual output of 1 million MWh of heat power and 110,000 MWh of electricity. The size of the planned investment was not disclosed.
Svilosa produces bleached kraft pulp and related items.
As at 13:32 CET on Tuesday, Svilosa shares traded 3.04% lower at 4.46 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)