November 19 (SeeNews) - Bulgarian machine engineering company Hydraulic Elements and Systems (HES) [BUL:4HE] said on Thursday that its preliminary gross profit rose by an annual 15.24% to 5.2 million levs ($3.1 million/2.7 million euro) in the first ten months of 2020.
The company's performance was backed by state support measures related to the coronavirus pandemic and lower amortisation costs, HES said in a stock exchange filing.
HES' sales dropped 19.01% year-on-year to 43 million levs in the January-October period of 2020.
In October alone, HES booked a net profit of 1.3 million levs on sales of 5.9 million levs.
The company expects to generate sales of 4.3 million levs in November, which will leave its ten-month sales 19.13% lower year-on-year.
Yambol-based HES is a unit of local industrial group Stara Planina Hold [BUL:5SR].
(1 euro = 1.95583 levs)