November 29 (SeeNews) - Bulgarian sugar and confectionery producer Zaharni Zavodi [BUL:3Z9] said on Friday that its consolidated net profit nearly tripled to 3.6 million levs ($2.0 million/1.8 million euro) in the first nine months of the year from 1.4 million levs in the same period of last year.
Zaharni Zavodi's operating revenue increased to 96.1 million levs in the January-September period of 2019 from 83.9 million levs in the comparable period of 2018, the company said in an interim financial statement.
The company placed 94% of its sugar output and 90% of its confectionery output on the local market.
The company's operating expenses rose to 92.5 million levs in the review period from 82.6 million levs in the prior-year period, as expenses for materials soared to 70 million levs from 25 million levs the year before.
In August, Zaharni Zavodi launched a new sugar packaging line, following an investment of 1.6 million levs. Within the next five years, Zaharni Zavodi is planning to boost its sugar refining capacity to over 100,000 tonnes per year, solidifying its presence in the country and allowing the company to enter neighbouring markets, it said at the time.
Zaharni Zavodi operates several production facilities, including a sugar refinery and a confectionery plant.
The company's largest shareholder at the end of September was local Zahar Invest, with 42.94% interest.
(1 euro = 1.95583 levs)