Bulgaria's Lavena Halves 9-Mo Non-Cons Net Profit on Drop in Revenue
Bulgarian lavender oil and cosmetics producer Lavena said on Wednesday that its non-consolidated net profit fell to 929,000 levs ($548,200/475,000 euro) in the first nine months of the year from 2.0 million levs in the same period of 2017. The company's operating revenue declined to 12.9 million levs in the January-September period from 14.6 million levs in the comparable period of last year, Lavena said in an interim financial statement.Lavena's operating expenses decreased to 11.9 million levs in the review period from 12.4 million levs the year before, as expenses for materials fell to 6.5 million levs from 7.9 million levs a year earlier. In August, Lavena increased its capital to 8.3 million levs from 319,981 levs via a bonus share issue. Existing shareholders received 25 new shares for each Lavena share they owned before the increase.Established in 1962, Lavena owns lavender plantations and exports its products to Europe, Asia, Africa, Australia and the U.S. Bulgaria is among the world's biggest producers of lavender oil.(1 euro = 1.95583 levs)