August 18 (SeeNews) - Bulgarian cellulose producer Svilosa said that it standalone net profit generated a standalone net profit of 81.9 million levs ($50 million/41.9 million euro) in 2019.
The company reported a non-consolidated net profit of just 251,000 levs in 2018.
Svilosa intends to retain its profit for 2019 and skip dividend distribution, it said in a commercial register filing last week.
Svilosa's shareholders will vote on the proposed profit allocation at a general meeting scheduled for September 14.
The company was delisted from the Bulgarian Stock Exchange in 2019, 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)