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Bulgaria's Yuri Gagarin turns to H1 cons net loss

Author Mario Tanev
Bulgaria's Yuri Gagarin turns to H1 cons net loss Photo: Yuri Gagarin / All rights reserved.

SOFIA (Bulgaria), August 29 (SeeNews) - Bulgarian cigarette filters maker Yuri Gagarin [BUL:4PX] said on Thursday that it turned to a consolidated net loss of 882,000 levs ($499,000/451,000 euro) in the first half of 2019 from 3.4 million levs in the same period of 2018.

Yuri Gagarin's operating revenue dropped to 51.6 million levs in the January-June period of 2019 from 65.2 million levs in the comparable period of last year, the company said in an interim financial statement.

Operating expenses fell to 52.4 million levs in the review period from 61.8 million levs in the same period of 2018, as expenses for materials decreased to 31.8 million levs from 43.0 million levs.

The company's assets rose to 141.2 million levs at the end of June from 125.7 million levs a year earlier.

Yuri Gagarin consolidates the results of two wholly-owned subsidiaries - Sofia Print Investment and U. G. Technics.

Earlier this year, Yuri Gagarin signed two loan deals with local D Commerce Bank worth a total of 10 million euro. The company took out a 3.5 million euro investment loan for financing the purchase of a cigarette filter production line, as well as a 6.5 million euro working capital loan.

(1 euro = 1.95583 levs)