Bulgaria's Neochim Turns to 9-Mo Cons Net Loss, Revenue Drops

Bulgaria's Neochim Turns to 9-Mo Cons Net Loss, Revenue Drops

Bulgarian chemical fertiliser producer Neochim said on Thursday that it turned to a consolidated net loss of 21.6 million levs ($12.5 million/11.0 million euro) in the first nine months of the year from a net profit of 8.0 million levs in the same period of 2017.Neochim's operating revenue dropped to 143.1 million levs in the January-September period from 158.1 million levs in the corresponding period of last year, the company said in an interim financial statement. The company's decline in revenue can mainly be attributed to lower ammonium nitrate sales both domestically and abroad. Neochim's ammonium nitrate sales on the Bulgarian market fell to 59.1 million levs from 69.3 million levs the year before, while ammonium nitrate exports decreased to 48.9 million levs from 55.4 million levs. However, the decline in Neochim's revenue abroad was partially offset by ammonia sales, which increased to 24.7 million levs in the review period from 20.9 million levs the year before.

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