February 27 (SeeNews) - Bulgaria's Synergon Holding [BUL:6S7] said on Monday its net loss widened to 5.5 million levs ($3 million/2.8 million euro) in 2016 from 1.9 million levs a year earlier on higher costs.
The company’s sales revenue rose to 259.4 million levs in 2016, compared to 243.5 million levs in 2015, Synergon said in its annual financial report, filed with the Sofia bourse.
Production costs rose to 201.7 million levs in the review period, from 187.8 million levs a year earlier.
The company’s employee-related expenses rose to 23 million levs in 2016, from 20.1 million levs the year before, while expenses for external services grew to 12.8 million levs, from 9.6 million levs in 2015.
Synergon Holding was set up in 1996 as a privatisation fund under Bulgaria's voucher privatisation programme. The fund was transformed into a holding structure the following year. It has more than 25 subsidiaries and affiliated companies operating in various sectors of the Bulgarian economy.
(1 euro=1.95583 levs)