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Cosmetics maker Bulgarian Rose turns to H1 net loss, lowers revenue

Author Mario Tanev
Cosmetics maker Bulgarian Rose turns to H1 net loss, lowers revenue Author: Bulgarian Rose / All rights reserved.

SOFIA (Bulgaria), July 30 (SeeNews) - Cosmetics producer Bulgarian Rose [BUL:4BH] said on Tuesday that it turned to a net loss of 74,000 levs ($42,000/38,000 euro) in the first half of 2019 from a net profit of 182,000 levs in the same period of 2018.

The company's revenue fell to 2.26 million levs in the January-June period of 2019 from 2.68 million levs the year before, Bulgarian Rose said in an interim financial statement.

Bulgarian Rose's expenses decreased to 2.33 million levs in the first six months of 2019 from 2.50 million levs in the comparable period of 2018.

The cosmetics maker's assets rose to 10 million levs at the end of June from 8.6 million levs a year earlier.

Earlier this month, Bulgarian Rose said that it has decided to terminate its deal with Beijing Fangcaoziyan Cosmetics Trading Co. for exports of cosmetic products and rose oil due to the Chinese company's systemic failure to adhere to the agreement.

Karlovo-based Bulgarian Rose, established in 1948, manufactures cosmetic products for face, body, and hair using rose oil and locally-grown herbs. Bulgarian Rose has stores in nine cities across Bulgaria.

(1 euro = 1.95583 levs)