Bulgaria's M+S Hydraulic doubles 9-mo cons net profit

Revenue increased to 167.5 million levs in the nine months through September from 111.4 million levs a year earlier, M+S Hydraulic said in an interim financial statement on Monday.

At the same time, operating expenses expanded to 135.6 million levs from 94.6 million levs as the company’s cost of materials nearly doubled to 80.01 million levs from 49.2 million levs.

M+S Hydraulic expects to book net sales of about 217 million levs in the full 2022 despite the ongoing challenging conditions. The company confirmed that it has secured materials for its production process and renegotiated prices with customers to cushion rising cost of materials. It also said that it continues its investment policy aimed at renewing and complementing its machine park and equipment to expand production range and increase productivity.

The consolidated report includes the results of M+S Hydraulic and its subsidiaries Lifam Hidravlika, Serbia, and M+S Hydraulic Power Transmission, Germany.

As at CET 0900 on Monday, shares in M+S Hydraulic traded flat at 8.75 levs on the Bulgarian Stock Exchange.

The company is an affiliate of blue-chip diversified group Stara Planina Hold [BUL:SPH].

(1 euro = 1.95583 levs)