Bulgaria's Zaharni Zavodi nearly trebles cons net profit in H1 as revenue jumps

Zaharni Zavodi's overall revenue grew to 92.4 million levs at the end of June from 60.4 million levs in the comparable period of last year, the company said in an interim financial statement.

Between January and June, sales from production added 56.09% on the year to close to 91 million levs.

Expenses also marked a significant year-on-year increase, to 82.3 million levs from 56.3 million levs, on the back of a nearly triple jump in expenses for raw materials as well as higher costs for hired services and salaries.

Based in the northern town of Gorna Oryahovitsa, Zaharni Zavodi has four wholly-owned subsidiaries and operates several production facilities, including a sugar refinery and a confectionery plant. Its largest shareholder as of the end of June was Zahar Invest with a 42.94% stake.

Shares in Zaharni Zavodi last traded at 4.60 levs on the Bulgarian Stock Exchange's BaSE market, bourse data showed.

(1 euro = 1.95583 levs)