February 28 (SeeNews) - Shares of Bulgarian building materials and fuel retailer Toplivo [BUL:3TV] soared on Friday after the company said that its consolidated net loss narrowed to 4.6 million levs ($2.6 million/2.3million euro) last year from 6.5 million levs in 2018.
The company's operating revenue increased to 207.5 million levs in 2019 from 170.0 million levs a year earlier, due to higher revenue from sales of goods, Toplivo said in a financial statement.
Toplivo's operating expenses rose to 212.3 million levs in the review period from 177.2 million levs in 2018, following a rise in the cost of goods sold and higher expenses for wages.
As at 11:25 CET on Friday, Toplivo's shares traded 49.04% higher at 3.10 levs on the Bulgarian Stock Exchange, bourse data showed. The company's shares lost 34.1% of their value last year.
Toplivo, which is restructuring its operations, shut down three branches in 2019, after closing the same number of branches the year before.
At the end of 2019, Toplivo was 73.42%-owned by local diversified group Synergon Holding.
(1 euro = 1.95583 levs)