January 30 (SeeNews) - Bulgarian building materials and fuel retailer Toplivo [BUL:3TV] said on Thursday that its non-consolidated net loss narrowed to 4.6 million levs ($2.6 million/2.4 million euro) in 2019 from 6.5 million levs in 2018, backed by higher revenue.
Toplivo's operating revenue grew to 207.5 million levs last year from 170 million levs in 2018, figures from the company's annual financial statement show.
At the same time, the company's operating expenses increased to 212.3 million levs from 177.2 million levs in 2018, largely due to a 34.5 million levs rise in cost of goods sold.
Toplivo is currently reorganising its structure, as it closed three branches in 2019, after closing another three in 2018.
Toplivo shares have not traded so far this year on the Bulgarian Stock Exchange, after a bruising 2019 when the company erased 34.1% of its share price.
At the end of 2019, Toplivo was 73.42%-owned by local diversified group Synergon Holding.
(1 euro = 1.95583 levs)