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Zarneni Hrani Bulgaria Q1 cons net profit shrinks 35% y/y

Jun 6, 2024, 4:16:37 PMArticle by Mihaela Miteva
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June 6 (SeeNews) - Diversified group Zarneni Hrani Bulgaria [BUL:ZHBG] said its consolidated net profit, excluding minority interests, declined to 1.27 million levs ($705,964/649,338 euro) in the first three months of 2024 from some 1.97 million levs in the comparable period of last year.

Zarneni Hrani Bulgaria Q1 cons net profit shrinks 35% y/y
Source: Zarneni Hrani Bulgaria.

At some 1.71 million levs, after-tax profit in January-March was 30% lower in annual terms, Zarneni Hrani Bulgaria said in an interim financial statement last week.

Zarneni Hrani's overall revenue in the first quarter of 2024 edged up to 19.1 million levs from some 18.9 million levs in the prior-year period. Product sales lost 4.7% on the year to 9 million levs, whereas sales of goods grew to 6.9 million levs from 5.7 million levs.

The company's operating expenses widened to 17.4 million levs from 16.4 million levs, mainly due to rises in costs for hired services, remuneration and goods sold.

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.

Shares in the company last traded on Wednesday when they closed at 0.13 levs on the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)

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