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SOFIA (Bulgaria), October 29 (SeeNews) - Cosmetics producer Bulgarian Rose [BUL:4BH] said on Tuesday that its net profit dropped to 62,000 levs ($35,000/32,000 euro) in the first nine months of the year from 533,000 levs in the same period of 2018.
The company's result was hurt by the termination of tobacco sauces sales to local group Bulgartabac Holding [BUL:57B], as well as overall lower sales than projected, Bulgarian Rose said in an interim financial statement.
Bulgarian Rose's operating revenue grew to 5.2 million levs in the January-September period of 2019 from 4.6 million levs in the like period of last year. Exports accounted for 28.24% of the company's sales.
However, the company's expenses also increased - to 5.1 million levs in the review period from 4.1 million levs the year before. The rise was mainly due to changes in inventory.
Earlier this 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)