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Bulgaria's Toplivo trims 9-mo cons net loss, lowers expenses

Author Mario Tanev
Bulgaria's Toplivo trims 9-mo cons net loss, lowers expenses wrangler/

SOFIA (Bulgaria), November 27 (SeeNews) - Bulgarian building materials and fuel retailer Toplivo [BUL:3TV] said on Wednesday that its consolidated net loss narrowed to 3.5 million levs ($2.0 million/1.8 million euro) in the first nine months of 2019 from 4.5 million levs in the same period of 2018.

The company's operating expenses fell to 153.5 million levs in the review period from 188.4 million levs in the comparable period of 2018, following a rise in cost of goods sold, Toplivo said in an interim financial statement.

Toplivo's operating revenue decreased to 149.9 million levs in the January-September period of 2019 from 183.7 million levs in the like period of last year.

The decrease was caused by lower natural gas and liquid fuels sales, which amounted to 70.7 million levs in the review period, down from 106.8 million levs the year before.

Building and heating materials sales rose to 76 million levs in the period under review from 73.1 million levs a year earlier.

Toplivo is majority owned by local group Synergon Holding [BUL:6S7], which held a stake of 73.42% at the end of September. 

(1 euro = 1.95583 levs)