October 25 (SeeNews) - Bulgarian hydraulic equipment manufacturer M+S Hydraulic [BUL:5MH] said on Friday that its non-consolidated net profit rose to 14 million levs ($7.9 million/7.1 million euro) in the third quarter of 2019 from 10.9 million levs in the like period of 2018.
The company's individual revenue increased to 95.2 million levs in the third quarter from 85.6 million levs in the same period of last year, M+S Hydraulic said in an interim financial statement.
Sales revenue contributed 95.1 million levs of the total revenue, up from 85.5 million levs a year earlier.
However, M+S Hydraulic's expenses also increased - to 79.6 million levs in the review period from 73.5 million levs the year before, mostly due to a rise in expenses for raw materials and salaries.
The company's assets amounted to 92.8 million levs at the end of September, down from 93 million levs a year earlier.
M+S Hydraulic said at the end of 2018 that it expects its revenue in 2019 to amount to some 124 million levs, same as in 2018.
M+S Hydraulic is an affiliate of blue-chip diversified group Stara Planina Hold [BUL:5SR], which held a 31% stake in the company at the end of March. M+S Hydraulic's other major shareholders at end-March were M+S 97 and Industrial Capital Holding [BUL:4I8], with stakes of 24% and 22%, respectively.
(1 euro = 1.95583 levs)