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Bulgaria’s Lavena cons net profit falls in 2022 on higher costs

February 24 (SeeNews) – Bulgarian cosmetics producer Lavena [BUL:LAV] said on Friday that its consolidated net profit declined to 1.12 million levs ($605,117/572,647 euro) last year from 1.34 million levs in 2021 due to higher costs.

Lavena’s operating expenses increased to 20.2 million levs last year from 16.78 million levs in 2021, the company said in an interim financial statement.

The company booked higher cost of materials, rising to 11.1 million levs in 2022 from 9.52 million levs a year earlier. At the same time, costs for external services climbed to 3.01 million levs from 2.17 million levs.

The company’s revenue also increased, to 21.65 million levs from 18.49 million levs. Growth was mainly due to sales, which climbed by 16% on the year to 21.16 million levs in 2022. In addition, the company booked other income of 485,000 levs in 2022 after 287,000 levs a year earlier.

Shares in Lavena last traded at 2.80 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data show.

In January, the company reported a non-consolidated net profit of 1.2 million levs for 2022, down from 1.6 million levs a year earlier.

(1 euro = 1.95583 levs)

Source : See News