Lukoil Bulgaria turns to net profit in 2018 on rise in revenue

Sofia, June 25 - Neftegaz.RU. According to Seenews report, Lukoil Bulgaria said that it turned to a net profit of 1 million levs* ($582,000) in 2018 from a net loss of 6.1 million levs
($3,554,875) in 2017.

The company's revenue grew to 3.32 billion levs last year from 2.66 billion levs in 2017, Lukoil said in an annual financial statement.

Cost of goods sold rose to 3.15 billion levs in 2018 from 2.49 billion levs the year before.

Selling expenses fell to 145.8 million levs in 2018 from 168.6 million levs in 2017, while administrative expenses declined to 26.4 million levs from 28.5 million levs.

Lukoil Bulgaria's assets rose to 797.3 million levs at the end of 2018 from 784.9 million levs a year earlier. Lukoil Bulgaria is a subsidiary of Lukoil European Holdings, the European arm of Russia's Lukoil.

($1 = 1.72 levs)