Lukoil Aviation Bulgaria cuts 2018 net profit on lower sales margin

Sofia, July 11 - Neftegaz.RU. According to SeeNews, Lukoil Aviation Bulgaria, part of Russian energy corporation Lukoil, said that its net profit fell to 8.9 million levs* ($5.1 million) in 2018 from 10.7 million levs the year before, hit by a lower sales margin.

Lukoil Aviation Bulgaria's gross profit edged down to 26.5 million levs ($15 million) last year from 27.0 million levs in 2017, despite a notable increase in sales revenue, figures from the company's annual financial statement showed.

Sales revenue grew to 344.3 million levs from 270.8 million levs, while cost of goods sold increased to 317.8 million levs from 243.8 million levs. Selling and distribution costs edged up to 15.0 million levs ($8 million) in 2018 from 14.4 million levs the year before.

The company's assets rose to 46 million levs ($26 million) at the end of 2018 from 29 million levs a year earlier.

*(1 Bulgarian Lev = $0,58)