Titan-owned Zlatna Panega Cement reported a non-consolidated net profit of BGN2.7m (US$1.6m) in 2018, a significantly-improved result when compared with the non-consolidated net loss of BGN-6.8m the previous year.

The Bulgaria-based cement producer saw its sales revenue increase 8.6 per cent to BGN90.5m from BGN83.3m in 2017 on the back of a 17.1 per cent YoY rise in cement sales from BGN63.3m to BGN74.1m.

Cost of goods decreased by 3.6 per cent to BGN77.4m in 2018 from BGN80.3m in 2017 while administrative expenses declined by 12.7 per cent to BGN8.9m in 2018 from BGN10.2m in the previous year.