Zarneni Hrani Bulgaria boosts 9-mo cons net profit, revenue falls

At some 4.9 million levs, after-tax profit in January-September was 16% higher in annual terms, Zarneni Hrani Bulgaria said in an interim financial statement on Wednesday.

Zarneni Hrani's revenue in the nine months through September sank to 57.4 million levs from 76.3 million levs in the prior-year period. Product sales dropped by 34% on the year to 25.5 million levs, whereas sales of goods declined to 19.2 million levs from 20.7 million levs.

The company's operating expenses narrowed to 52.3 million levs from 71.9 million levs, mainly due to declines in costs for materials and cost of goods sold, of 46% and 35%, respectively.

Zarneni Hrani Bulgaria consolidates the results of 18 subsidiaries active in various sectors of the economy, including oil and gas exploration, petroleum refining, port operations and grain trading.

As of 1545 CET on Friday, shares in the company traded flat at 0.12 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)