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Teklas Bulgaria 2018 net profit edges down, revenue rises

Author Mario Tanev
Teklas Bulgaria 2018 net profit edges down, revenue rises wrangler/

SOFIA (Bulgaria), July 12 (SeeNews) - Automotive rubber products manufacturer Teklas Bulgaria, a wholly-owned unit of Turkey's Teklas Kauçuk Sanayi ve Ticaret, said that its net profit fell to 52.4 million levs ($30.1 million/26.8 million euro) in 2018 from 54.7 million levs in 2017.

The company's sales grew to 370.3 million levs in 2018 from 303.2 million levs the year before, Teklas Bulgaria said in an annual financial statement.

Expenses for materials rose to 206.0 million levs last year from 157.3 million levs in 2017, while expenses for hired services increased to 51.7 million levs from 39.7 million levs.

Personnel costs amounted to 50.7 million levs in 2018, up from 41.3 million levs the year before.

Teklas Bulgaria's assets edged down to 264.5 million levs at the end of 2018 from 269.6 million levs a year earlier.

In 2019, the company expects to grow its net profit and revenue by 31% and 23%, respectively.

(1 euro = 1.95583 levs)