November 3 (SeeNews) - Bulgarian sugar and confectionery producer Zaharni Zavodi [BUL:ZHZA] said its standalone net profit fell to some 3.5 million levs ($1.9 million/1.8 million euro) in the first nine months of 2023 from 5.9 million levs a year earlier.
Revenue in January-September went up to 66.5 million levs from 64.9 million levs in the same period of last year, the company said in an interim financial statement on Monday.
Product sales declined by 10.5% on the year to 51 million levs. Of those, 60.5% were generated on the Bulgarian market and 29.1% in the EU. The remaining 10.4% came from markets outside the EU.
Zaharni Zavodi's operating expenses widened to 63 million levs in the review period from 59.1 million levs in the nine months through September 2022 on the back of a change in inventory.
Gorna Oryahovitsa-based Zaharni Zavodi operates several production facilities, including a sugar refinery and a confectionery plant.
As of 1340 CET on Friday, shares in the company traded 16.67% lower at 5.00 levs on the BaSE market of the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)