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Bulgaria's M+S Hydraulic grows Q1 cons net profit 62% y/y

May 25, 2023, 3:14:12 PMArticle by Mihaela Miteva
share
May 25 (SeeNews) - Bulgarian hydraulic equipment manufacturer M+S Hydraulic [BUL:MSH] said on Thursday that its consolidated net profit jumped to 13.1 million levs ($7.2 million/6.7 million euro) in the first quarter of this year from 8.1 million levs in the like period of 2022.

Bulgaria's M+S Hydraulic grows Q1 cons net profit 62% y/y
Photo: M+S Hydraulic / All rights reserved.

The company's revenue grew to 66.5 million levs in January-March from 50.3 million levs a year earlier, M+S Hydraulic said in an interim financial statement. Product sales generated 62.7 million levs in the review period, up 29% in annual terms.

The growth in performance was driven by an increase in M+S Hydraulic's production capacity through investments in new machines and equipment and the restructuring of production facilities, the company said.

At the same time, operating expenses widened to 51.8 million levs from some 41.3 million levs. The rise was chiefly due to higher costs for materials and remuneration expenses, which added 19% and 24% on the year, respectively, in the first quarter.

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

In March, M+S Hydraulic announced that it had completed a deal to acquire 90% of Oleotecno Hydraulic Components Srl - its biggest distributor, for 12.15 million euro.

As of 1410 CET on Thursday, shares in M+S Hydraulic traded 1.55% lower at 9.50 levs on the Bulgarian Stock Exchange. M+S Hydraulic is an affiliate of blue-chip diversified group Stara Planina Hold [BUL:SPH].

(1 euro = 1.95583 levs)

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