January 18 (SeeNews) - Bulgarian bottle cap manufacturer Herti [BUL:HERT] said its standalone net profit grew to some 6 million levs ($3.3 million/3.1 million euro) in 2023 from 5.2 million levs a year earlier.
Herti's revenue dropped to some 73 million levs last year from 90 million levs in 2022, the company said in a financial statement on Wednesday. Of that, roughly 71.7 million levs were generated from product sales, down 17% in annual terms.
At the same time, the company's operating expenses narrowed to 67 million levs in the review period from 84.3 million levs the prior year, mainly due to costs for materials, which declined to 38.1 million levs from 56.2 million levs.
Herti produces 2 billion bottle caps annually and sells them in over 60 countries through its subsidiaries in Romania, the UK, France, Germany and the US, according to its website.
Shares in Herti last traded at 2.405 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)