October 26 (SeeNews) - Cosmetics producer Bulgarian Rose [BUL:4BH] said on Friday that its net profit in the first nine months of the year edged up to 533,000 levs ($309,450/272,520 euro) from 494,000 levs in the same period of 2017, despite a drop in revenue from exports.
Following the announcement, Bulgarian Rose shares gained 3.92% to 2.12 levs on the Bulgarian Stock Exchange, bourse data shows.
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Bulgarian Rose booked 1.6 million levs in revenue from exports in January-September, down from 2.5 million levs in the comparable period of 2017, the company said in an interim statement.
The company's total operating revenue declined to 4.6 million levs in the review period from 5.1 million levs the year before.
However, following a drop in expenses for materials, the company's total operating expenses fell to 4.1 million levs in the period under review from 4.6 million levs a year earlier.
In July, Bulgarian Rose signed a five-year agreement with Beijing Fangcaoziyan Cosmetics Trading Co. for exports of cosmetic products and rose oil. The value of exports is expected to reach 40 million levs in the long run, Bulgarian Rose said at the time.
Karlovo-based Bulgarian Rose, established in 1948, manufactures cosmetic products for face, body, and hair using rose oil and locally-grown herbs.
Bulgarian Rose, part of blue-chip industrial group Stara Planina Hold [BUL:5SR], has stores in nine cities across Bulgaria.
(1 euro = 1.95583 levs)