Drujba Glassworks posts lower H1 non-cons net profit

Drujba Glassworks said its non-consolidated net profit fell to BGN 8.1 million in the first half of 2017.

Bulgarian glassware and bottle manufacturer Drujba Glassworks said its non-consolidated net profit fell to BGN 8.1 million (USD 4.8 million/EUR 4.1 million) in the first half of 2017, compared to BGN 8.7 million in the like period of 2016.

Sales revenue rose to BGN 107.9 million in the January-June period from 100.3 million in the corresponding period of last year.

Cost of goods sold increased to BGN 50.0 million in the review period compared to BGN 47.5 million in the first six months of 2016.

The company’s operating profit fell to BGN 27.8 million in the period under review, from BGN 29.9 million a year earlier.

Last month, Drujba Glassworks said its majority owner Bareck Overseas, a wholly-owned subsidiary of Portugal's BA Vidro, has boosted the stake it holds directly and indirectly in the company to 99.78%, from 99.24%, following a buyout bid.

In October 2016, Greek glassmaker Yioula agreed to sell its Bulgarian unit Drujba Glassworks to BA Vidro as part of a wider divestment plan that also includes the group's glass container business in Romania.

Drujba Glassworks has two glass container plants, in Sofia and Plovdiv.
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