January 29 (SeeNews) - Bulgarian hydraulic equipment manufacturer M+S Hydraulic [BUL:5MH] said on Wednesday that its non-consolidated net profit fell to 12.9 million levs ($7.3 million/6.6 million euro) last year from 14.6 million levs in 2018.
The company's operating revenue decreased to 109.1 million levs in 2019 from 124 million levs the year before, according to figures from M+S Hydraulic's annual financial statement.
M+S Hydraulic operating expenses also fell, to 94.7 million levs last year from 107.8 million levs the year before, on the back of a 7.2 million levs decrease in expenses for materials and a 5 million levs cut in expenses for salaries.
The company also announced its expects to book revenue of some 106 million levs in 2020.
M+S Hydraulic is an affiliate of blue-chip diversified group Stara Planina Hold [BUL:5SR].
M+S Hydraulic shares closed at 6.15 levs on the Bulgarian Stock Exchange on Tuesday, and are up 2.5% year-to-date. The shares erased 21.6% of their value in 2019.
(1 euro = 1.95583 levs)