May 23 (SeeNews) - Bulgarian sugar and ethanol producer Zaharni Zavodi [BUL:ZHZA] said that its consolidated net profit went up to 2.9 million levs ($1.6 million/1.5 million euro) in the first quarter of 2023 from some 2 million levs in the same period of last year, reflecting higher revenue.
The company’s operating revenue grew to 57.1 million levs in January-March from 41.1 million levs a year earlier, Zaharni Zavodi said in a financial statement on Friday.
Sales in the review period surged by an annual 42% to 56.9 million levs.
In parallel, operating costs widened to 54.2 million levs from 39.1 million levs as costs of materials jumped to 55.8 million levs from 15.4 million levs.
Gorna Oryahovitsa-based Zaharni Zavodi operates several production facilities, including a sugar refinery and a confectionery plant.
Shares in Zaharni Zavodi last traded at 4.10 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)