January 30 (SeeNews) - Steel radiator manufacturer Korado Bulgaria [BUL:4KX], part of Czech Republic's Korado Group, said on Wednesday that its net profit rose by an annual 10% to 5.3 million levs ($3.1 million/2.7 million euro) in 2018.
The company's revenue grew 3.3% to 44 million levs last year, despite a drop in sales volume, figures from Korado Bulgaria's annual financial statement showed.
Korado Bulgaria sold 547,138 units in 2018, down from 555,747 units sold in 2017. The decrease was mainly due to lower sales in non-EU countries - 29,562 units last year versus 48,314 units sold in 2017.
Domestic sales also decreased, to 10,532 units in 2018 from 15,946 units the year before. Sales to other EU countries grew to 507,044 units last year from 491,487 units in 2017.
The company produced 467,497 steel panel radiators last year, up from 460,569 the year before, following a strong increase in output in the second half of the year. Korado Bulgaria produced 245,880 panel radiators in July-December, compared to 228,825 radiators in the second half of 2017.
Korado Bulgaria also said it has produced 83,800 towel rail radiators last year, without providing comparative data for 2017.
(1 euro = 1.95583 levs)