November 6 (SeeNews) - Bulgarian state-owned ammunition manufacturer VMZ Sopot said that its net profit declined sharply to 1.4 million levs ($817,000/715,800 euro) in the first nine months of 2018 from 136.7 million levs in the same period last year.
VMZ Sopot's sales revenue fell to 111.0 million levs in the January-September period from 400.9 million levs in the comparable period of 2017, VMZ Sopot said in an interim financial report.
The company booked 153.1 million levs in operating revenue in the review period, down from 436.7 million levs the year before.
Total operating expenses decreased to 151.4 million levs in the nine months through September from 283.5 million levs a year earlier, as expenses for materials fell to 100.6 million levs from 208.7 million levs.
(1 euro = 1.95583 levs)