March 21 (SeeNews) - Bulgarian machine engineering company Hydraulic Elements and Systems [BUL:HES] said on Tuesday that it expects its sales revenue to rise by 11% on the year in the first quarter of 2023.
Sales revenue in March alone is forecast at 8.56 million levs ($4.7 million/4.4 million euro), HES said in a stock exchange filing.
Last year, HES reported a 44% annual jump in revenue for the firts quarter, to some 23.6 million levs.
In the first two months of 2023, the company's revenue rose 19.74% year-on-year, while its preliminary gross profit came in at 1.67 million levs. Sales in February alone stood at some 8.65 million levs, with preliminary gross profit at 896,000 levs. January sales amounted to 8.98 million levs, HES previously said.
Yambol-based HES is a unit of local diversified group Stara Planina Hold [BUL:SPH].
As at 1016 CET on Tuesday, shares in HES were trading 1.46% lower at 6.75 levs on the Sofia bourse.
(1 euro = 1.95583 levs)