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Oct 24, 2019 13:30 EEST
October 24 (SeeNews) - Bulgarian machine engineering company Hydraulic Elements and Systems (HES) [BUL:4HE] said on Thursday that its net profit fell to some 3.63 million levs ($2.07 million/1.86 million euro) in the first nine months of 2019 from 3.95 million levs in the same period of last year.
HES' operating expenses grew to 44.0 million levs in the January-September period of 2019 from 41.8 million levs in the comparable period of 2018, mostly due to higher expenses for materials, figures from the company's interim financial statement show.
The company booked revenue of 48.1 million levs in the review period, up from 46.2 million levs the year before. However, the company's sales in the third quarter alone fell by an annual 5.23% to 12.8 million levs.
The company's sales are usually stronger during the first half of each year due to the nature of its business.
HES is part of blue-chip industrial group Stara Planina Hold [BUL:5SR].
(1 euro = 1.95583 levs)
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