January 24 (SeeNews) - Bulgarian machine engineering company Hydraulic Elements and Systems (HES) [BUL:4HE] said on Friday that its net profit fell to 4.4 million levs ($2.5 million/2.2 million euro) in 2019 from 5.3 million levs in 2018 due to a rise in expenses.
HES' total operating expenses grew to 57.3 million levs last year from 56.5 million levs in 2018, affected by higher cost of materials and personnel expenses, the company said in an annual financial statement.
The company's revenue remained flattish year-on-year at 62.2 million levs in 2019. The company booked a solid rise in its first-half revenue which was offset by lower revenue in the second half of 2019.
HES lowered the number of its employees by 4% in 2019, it said.
HES is part of blue-chip industrial group Stara Planina Hold [BUL:5SR].
(1 euro = 1.95583 levs)