December 22 (SeeNews) - Bulgarian machine engineering company Hydraulic Elements and Systems (HES) [BUL:4HE] said that its preliminary gross profit amounted to 5.9 million levs ($3.7 million/3.0 million euro) in the first eleven months of 2020.
HES' sales declined 19.14% year-on-year to 47.3 million levs in the first eleven months of this year, the company said in a bourse filing on Monday.
By comparison, the company's gross profit amounted to some 5 million levs in the January-November period of last year.
The company targets sales of 3.5 million levs in December, which will leave its 2020 sales 17.67% lower on the year.
In November alone, HES booked a profit of 687,000 levs on sales of 4.3 million levs.
Last month, HES said that its business performance was backed by state support measures during the coronavirus pandemic and lower amortisation costs.
Yambol-based HES is a unit of local industrial group Stara Planina Hold [BUL:5SR].
(1 euro = 1.95583 levs)