December 19 (SeeNews) - Bulgarian machine engineering company Hydraulic Elements and Systems (HES) [BUL:4HE] said on Wednesday that it expects its sales revenue to rise by an annual 12.1% to 61.8 million levs ($36.0 million/31.6 million euro) in 2018, followed by a 3.8% year-on-year decrease in 2019.
The forecast is an upward revision of the one made by the company in October, when it said it expects an 11.7% rise in sales revenue in 2018.
HES also predicts a 21.2% increase in its gross profit this year to 6.1 million levs, the company said in a bourse filing.
The company's sales revenue rose by 12.7% on the year to 58.2 million levs in the January-November period of this year. HES also posted a preliminary gross profit of some 5.9 million levs in the first eleven months of the year.
HES is part of blue-chip industrial group Stara Planina Hold [BUL:5SR].
As at 9:00 CET on Wednesday, HES shares traded flat at 4.82 levs on the Bulgarian Stock Exchange.
(1 euro=1.95583 levs)