May 21 (SeeNews) - Bulgarian hydraulic equipment manufacturer M+S Hydraulic [BUL:5MH] said on Thursday that its consolidated net profit fell to 4 million levs ($2.3 million/2.0 million euro) in the first quarter of 2020 from 4.5 million levs in the same period of last year.
The company's operating revenue decreased to 28.1 million levs in the first three months of this year from 30.3 million levs the year before, M+S Hydraulic said in an interim financial statement.
M+S Hydraulic lowered its operating expenses to 23.6 million levs from 25.2 million levs a year earlier.
The company consolidates the results of its Serbian unit Lifam Hidravlika and Germany-registered M+S Hydraulic GmbH.
M+S Hydraulic is an affiliate of blue-chip diversified group Stara Planina Hold [BUL:5SR].
In January, the company announced that it expects to generate revenue of some 106 million levs in 2020.
As at 13:20 CET on Thursday, M+S Hydraulic's shares traded 0.84% lower at 5.90 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)