April 28 (SeeNews) - Bulgarian sugar and confectionery producer Zaharni Zavodi [BUL:ZHZA] said on Friday that it recorded a standalone net loss of some 1.1 million levs ($621,027/562,419 euro) in the first quarter of 2023, compared to a profit of 1.2 million levs a year earlier.
Revenue in January-March rose to 20.1 million levs from 19.5 million levs in the same period of last year, the company said in an interim financial statement.
Product sales went up by 12% on the year to 18.9 million levs. Of those, 63.16% were generated on the Bulgarian market and 25.01% in the EU. The remaining 11.83% came from markets outside the EU.
The company's operating expenses grew to 21.1 million levs from 18.2 million levs as costs for materials jumped by an annual 28% to 17.7 million levs.
Gorna Oryahovitsa-based Zaharni Zavodi operates several production facilities, including a sugar refinery and a confectionery plant.
Shares in Zaharni Zavodi last closed at 4.96 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)