October 20 (SeeNews) - Bulgarian machine engineering company Hydraulic Elements and Systems (HES) [BUL:4HE] said on Tuesday that its preliminary gross profit fell by an annual 4.04% to 3.9 million levs ($2.4 million/2 million euro) in the first nine months of 2020.
HES' sales dropped 22.13% year-on-year to 37.1 million levs in the January-September period of 2020, the company said in a bourse filing.
In September alone, HES booked a net profit of 784,000 levs on sales of 4 million levs.
The company expects to generate sales of 5.7 million levs in October, which will leave its ten-month sales 19.32% lower year-on-year.
Yambol-based HES is a unit of local industrial group Stara Planina Hold [BUL:5SR].
(1 euro = 1.95583 levs)