October 27 (SeeNews) - Bulgarian machine engineering company Hydraulic Elements and Systems (HES) [BUL:4HE] said on Tuesday that its net profit edged down to 3.5 million levs ($2.1 million/1.8 million euro) in the first nine months of the year from 3.6 million levs in the same period of 2019.
HES generated revenue of 38.8 million levs in the first three quarters of 2020, down from 48.1 million levs in the comprable period of last year, the company said in an interim financial statement.
The company expects to pocket sales of 12.8 million levs in the last quarter of the year, which will leave its 2020 sales 19% lower on an annual comparison basis.
Operating expenses fell to 34.9 million levs in the review period from 44 million levs the year before, due to lower expenses for materials and salaries.
HES exports the majority of its output, as over 70% of its production is purchased by Austrian giant Palfinger.
HES is a unit of local diversified group Stara Planina Hold [BUL:5SR].
(1 euro = 1.95583 levs)