August 26 (SeeNews) - Bulgarian confectionery producer Zaharni Zavodi [BUL:3Z9] said on Monday that its consolidated net profit grew to 1.6 million levs ($910,000/818,000 euro) in the first half of 2019 from 256,000 levs in the same period of 2018.
Zaharni Zavodi's revenue rose to 57.8 million levs in the first six months of the year from 54.9 million levs in the comparable period of 2018, the company said in an interim financial statement.
The company's expenses increased to 56.3 million levs in the review period from 54.6 million levs the year before.
Zaharni Zavodi's assets rose to 99.8 million levs at the end of June, compared to 96.9 million levs a year earlier.
Current liabilities continued to outweigh current assets - 60.0 million levs versus 43.6 million levs. Current liabilities were mostly formed by obligations on loans from financial institutions and current payables, while current assets were mostly composed of inventory.
Earlier this year, Zaharni Zavodi said it is launching a new 11.2 million levs ethanol production installation, which will increase the company's output to 60,000 litres per day. The installation will also allow Zaharni Zavodi to produce dehydrated alcohol for industrial purposes, the company said at the time.
Zaharni Zavodi operates several other production facilities, including a sugar refinery and a confectionery plant.
(1 euro = 1.95583 levs)