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Aug 31, 2023 14:24 EEST
August 31 (SeeNews) - Diversified group Zarneni Hrani Bulgaria [BUL:ZHBG] said that its consolidated net profit, excluding minority interests, rose to 2.5 million levs ($1.4 million/1.3 million euro) in the first half of 2023 from some 2 million levs in the like period of last year, chiefly due to lower expenses.
At some 3.6 million levs, after-tax profit in January-June was 22% higher in annual terms, Zarneni Hrani Bulgaria said in an interim financial statement on Tuesday.
The company's revenue in the six months through June dropped to 36.5 million levs from 50.2 million levs in the same period last year. Production sales, which make up most of the revenue, declined by 40% on the year to 16.1 million levs.
Operating expenses narrowed to 32.8 million levs from 47.1 million levs on the back of lower costs for materials, which halved to 7.8 million levs. The company's cost of goods sold also went down, to 9.2 million levs from 13.4 million levs in the prior-year period.
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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