April 24 (SeeNews) - Guala Closures Bulgaria, part of Italy-headquartered non-refillable closures maker Guala Closures Group, said that its net profit more than doubled to 2.5 million levs ($1.4 million/1.3 million euro) in 2018 from 1.1 million levs the year before.
Guala Closures Bulgaria's sales revenue grew to 18.9 million levs last year from 15.8 million levs the year before, the company said in an annual financial statement.
Expenses for materials rose to 8.4 million levs in 2018 from 7.3 million levs in 2017, while personnel expenses increased to 4.5 million levs from 3.3 million levs.
Expenses for hired services grew to 2.5 million levs last year from 2.0 million levs the year before.
Earlier this year, Guala Closures Bulgaria said that it plans to decrease capital by 4.2 million levs to 6.22 million levs.
Guala Closures International, part of Guala Closures Group, owns a 70% stake in the Bulgarian subsidiary, while TN Partners holds the remaining 30%.
(1 euro = 1.95583 levs)