Bulgaria's BAT Trading Net Profit Edges Up in 2018 despite Drop in Revenue

Bulgaria's BAT Trading Net Profit Edges Up in 2018 despite Drop in Revenue

Bulgaria's British American Tobacco (BAT) Trading said that its net profit edged up to 1.8 million levs ($1.0 million/920,000 euro) in 2018 from 1.5 million levs in 2017, despite a sharp decrease in revenue. BAT Trading's revenue dropped to 399.3 million levs last year from 514.2 million levs in 2017, the company said in an annual financial statement. Cost of goods sold declined to 361.6 million levs from 483.7 million levs. Expenses for hired services nearly doubled to 20.3 million levs in 2018 from 11.4 million levs the year before, while expenses for materials rose to 11.2 million levs from 9.0 million levs. Personnel costs increased to 7.5 million levs from 4.9 million levs, as the number of the company's employees rose to 99 from 65 in 2017.BAT Trading's assets dropped to 104.1 million levs at the end of 2018 from 164.2 million levs a year earlier.

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