Bulgaria's Synergon Holding widens net loss in 2021 on higher expenses

Synergon Holding's expenses went up to 594.2 million levs last year from 349.3 million levs in 2020, mostly due to a rise in the cost of goods sold, the company said in an annual financial statement on Friday.

The group’s revenue grew to 587.1 million levs from 342.4 million levs in the period under review.

Shares in Synergon Holding last traded on the Bulgarian Stock Exchange on Friday, when they closed 13.74% higher at 0.745 levs.

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)