Bulgaria's Odessos Shiprepair Yard Lowers 2018 Profit on Higher Expenses
Bulgaria's Odessos Shiprepair Yard said on Tuesday that its net profit fell to 1.8 million levs ($1.1 million/920,000 euro) in 2018 from 2.9 million levs the year before, following an increase in expenses. Odessos Shiprepair Yard's expenses increased to 32.7 million levs last year from 28.6 million levs in 2017, mainly due to a rise in salary expenses, figures from the company's annual financial report showed. Odessos Shiprepair Yard spent 13.1 million levs on salaries in 2018, up by an annual 23.8%, as the average salary of the company's employees grew to 1,377 levs last year from 1,231 levs in 2017. The company's revenue rose to 34.5 million levs last year from 31.5 million levs the year before, as it managed to repair 65 ships last year - five more compared to 2017.Odessos Shiprepair Yard is located in the Black Sea city of Varna.