February 28 (SeeNews) - Bulgarian sugar and confectionery producer Zaharni Zavodi [BUL:3Z9] said on Friday that it turned a consolidated net profit of 2.5 million levs ($1.4 million/1.3 million euro) in 2019, compared to a net loss of 1.8 million levs the year before.
Zaharni Zavodi's operating revenue increased to 126.9 million levs last year from 111.6 million levs in 2018, the company said in an annual financial statement.
The company sold 88.72% of its sugar output and 90.49% of its confectionery production on the local market.
Zaharni Zavodi's operating expenses rose to 124.4 million levs in the review period from 113.3 million levs a year earlier, as expenses for materials jumped to 94.4 million levs from 34.5 million levs.
Last year, Zaharni Zavodi launched a new sugar packaging line, following investment of 1.6 million levs. Zaharni Zavodi said in 2019 that it plans to increase its sugar refining capacity to over 100,000 tonnes per year within the following five years.
Zaharni Zavodi operates several production facilities, including a sugar refinery and a confectionery plant.
The company's largest single shareholder at the end of December was local Zahar Invest, with 42.94% interest.
(1 euro = 1.95583 levs)