Bulgartabac Holding’s consolidated net profit, excluding minority interest, declined to BGN8.1 million ($4.7 million) in January-September 2018 from 43.1 million in the nine-month period of 2017.
Operating revenue dropped to BGN272.4 million from BGN475 million, despite the company selling financial assets worth BGN31.4 million during the period.
The company’s operating expenses decreased to BGN263.4 million in the nine month period from BGN421.5 million in the prior-year period, following a drop in the cost of goods sold and expenses for materials.
Last year, British American Tobacco purchased Bulgartabac’s leading cigarette brands in a deal worth more than €100 million ($113.5 million).
Bulgartabac profit down
