March 23 (SeeNews) - Bulgarian machine engineering company Hydraulic Elements and Systems (HES) [BUL:4HE] said on Monday that its sales revenue in the first two months of the year fell by an annual 16.14%, according to preliminary figures.
The company reported sales of 5.05 million levs ($2.8 million/2.6 million euro) in January and 4.96 million levs in February.
The government measures aimed at containing the spread of the novel coronavirus disease (COVID-19) are seriously impacting the global business sentiment, which could force the company to revise its forecast for the second half of 2020 downwards, HES said in a bourse filing.
HES expects its sales in the first quarter of the year to fall by an annual 16.75%, with sales in March alone projected at 5.15 million levs.
As at 8:45 CET on Monday, HES shares traded 1.2% lower at 3.28 levs on the Bulgarian Stock Exchange.
HES is part of blue-chip industrial group Stara Planina Hold [BUL:5SR].
(1 euro=1.95583 levs)