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SOFIA (Bulgaria), June 13 (SeeNews) - Bulgarian consumer goods distribution and logistics company Orbico Bulgaria, part of Croatia's Orbico Group, said that its net profit rose to 10.6 million levs ($6.1 million/5.4 million euro) in 2018 from 9.8 million levs in 2017, backed by higher revenue and an improved sales margin.
Orbico Bulgaria's revenue grew to 832.2 million levs last year from 637.7 million levs in 2017, supported by the expansion of the company's current operations and the successful implementation of new projects, the company said in an annual financial statement on Tuesday.
The rise mainly stemmed from increased sales revenue from goods produced by Philip Morris International (PMI), including tobacco heating system IQOS. Sales revenue from PMI products rose to 668.1 million levs in 2018 from 496.6 million levs in 2017, while cost of PMI goods sold increased to 658.2 million levs from 488.9 million levs.
Total cost of goods sold increased to 773.2 million levs in 2018 from 592.7 million levs the year before.
Personnel costs rose to 26.6 million levs last year from 18.3 million levs in 2017, while expenses for hired services increased to 13.3 million levs from 11.3 million levs.
Orbico Bulgaria's assets grew to 104 million levs at the end of last year from 82.4 million levs at the end of 2017, following an increase in inventory, receivables from clients, and cash.
The company's current ratio worsened slightly to 1.123 at the end of 2018 from 1.146 a year earlier, while its quick ratio improved to 0.537 from 0.518.
Orbico Bulgaria employed 1,091 people at the end of 2018, compared to 847 a year earlier.
(1 euro = 1.95583 levs)