January 30 (SeeNews) - Cosmetics producer Bulgarian Rose [BUL:4BH] said on Thursday that it generated a net profit of just 8,000 levs ($4,500/4,100 euro) in 2019, down from 469,000 levs the year before.
Bulgarian Rose's revenue fell to 6.3 million levs last year from 6.9 million levs in 2018, the company said in an annual financial statement.
Operating expenses edged down to 6.3 million levs from 6.4 million levs in 2018, due to a decrease in expenses for materials.
Last year, Bulgarian Rose terminated 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, part of blue-chip industrial group Stara Planina Hold [BUL:5SR], has stores in nine cities across Bulgaria.
(1 euro = 1.95583 levs)