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Bulgaria's M+S Hydraulic books 66% y/y rise in H1 non-cons net profit

Bulgaria's M+S Hydraulic books 66% y/y rise in H1 non-cons net profit Ken Teegardin/CC BY-SA 2.0

SOFIA (Bulgaria), August 10 (SeeNews) - Bulgarian hydraulic equipment manufacturer M+S Hydraulic [BUL:MSH] said that its standalone net profit surged to some 15.4 million levs ($8.1 million/7.9 million euro) in the first half of 2022 from 9.27 million levs in the same period of 2021.

The company's overall revenue grew to 104.7 million levs in the first six months of the year from 70.8 million levs in the comparable period of 2021, M+S Hydraulic said in a recent interim financial statement.

Sales on foreign markets rose to 86.25 million levs from 60.9 million levs in the prior-year period, while domestic sales also grew, to 16.1 million levs from 9.3 million levs.

M+S Hydraulic's expenses widened by 44.7% on the year to 87.5 million levs in the January-June period, on the back of significant increases in expenses for materials, salaries as well as in costs for hired services.

At the end of June, industrial group Stara Planina Hold [BUL:SPH] was M+S Hydraulic's biggest shareholder with a 30.61% stake. M+S 97 and Industrial Capital Holding [BUL:HIKA] followed with stakes of 24.24% and 22.16%, respectively.

(1 euro = 1.95583 levs)

 
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