June 21 (SeeNews) - Kronospan Bulgaria, a wholly-owned subsidiary of Cyprus-based Konikato Holdings, said that its net loss nearly tripled to 12.9 million levs ($7.4 million/6.6 million euro) in 2018 from 4.7 million levs in 2017.
Kronospan Bulgaria's sales revenue fell by an annual 3.4% to 178.2 million levs in 2018, the company said in an annual financial statement.
Expenses for materials increased to 138.7 million levs last year from 130.2 million levs the year before, while amortisation costs rose to 22.6 million levs from 17.2 million levs.
Personnel expenses edged up to 12.6 million levs in 2018 from 11.4 million levs in 2017, while other operating expenses fell to 29.2 million levs from 32.5 million levs.
The company's assets grew to 570.8 million levs at the end of 2018 from 454.0 million levs a year earlier, following an increase of some 100 million levs in long term assets.
In March, Kronospan Bulgaria increased its capital by 17.6 million levs to 195.5 million levs, followed by a second capital hike to 213.1 million levs.
Burgas-based Kronospan manufacturers wood products for the furniture industry.
(1 euro = 1.95583 levs)