May 16 (SeeNews) - Bulgarian sugar and ethanol producer Zaharni Zavodi [BUL:ZHZA] said that it recorded a non-consolidated net profit of some 1.21 million levs ($643,880/618,660 euro) in the first quarter of 2022, compared to 1.3 million levs in the same period last year.
The result was influenced by a jump in first-quarter operating expenses to 17.9 million levs from 13 million levs in the first three months of 2021, the company said in an interim financial statement published in late April.
The increases were most noticeable in expenses for raw materials, which rose by an annual 39% to 13.8 million levs, as well as in expenses for hired services which rose 19% to 1.16 million levs. Personnel expenses were 5.3% higher than a year earlier at some 2 million levs.
Zaharni Zavodi grew its revenue to 19.45 mililon levs in the January-March period from from 14.6 million levs in the same period of 2021.
In February, an extraordinary meeting of Zaharni Zavodi shareholders mandated the board to sign an annual contract for the purchase of 71 588 MWh of heating energy for the year from subsidiary Gorna Oryahovitza coal-fired thermal power plant (TPP) at a cost of 5.8 million levs.
Gorna Oryahovitsa-based Zaharni Zavodi operates several production facilities, including a sugar refinery and a confectionery plant.
(1 euro = 1.95583 levs)