February 24 (SeeNews) - Bulgarian machine engineering company Hydraulic Elements and Systems (HES) [BUL:4HE] said on Monday that its sales revenue fell by an annual 16.78% to 5.5 million levs ($3 million/2.8 million euro) in January, slightly exceeding its forecast for sales of 5.4 million levs.
The company expects to generate sales of 5.05 million levs in February, bringing the annual decrease of its sales in the January-February period to 15.44%, HES said in a bourse filing.
HES booked a preliminary gross profit of 533,000 levs in January alone, down from 788,000 levs in January 2019.
HES is part of blue-chip industrial group Stara Planina Hold [BUL:5SR].
(1 euro=1.95583 levs)