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Bulgaria's M+S Hydraulic posts lower H1 non-cons net profit, revenue

Author Mario Tanev
Bulgaria's M+S Hydraulic posts lower H1 non-cons net profit, revenue Photo: M+S Hydraulic / All rights reserved.

SOFIA (Bulgaria), July 25 (SeeNews) - Bulgarian hydraulic equipment manufacturer M+S Hydraulic [BUL:5MH] said on Thursday that its non-consolidated fell to 7.5 million levs ($4.3 million/3.8 million euro) in the first half of 2019 compared to a profit of 10.2 million levs in the same period of 2018.

The company's revenue dropped to 59.5 million levs in the January-June period of 2019 from 65.7 million levs in the comparable period of last year, M+S Hydraulic said in an interim financial statement.

Sales revenue fell to 59.1 million levs from 65.0 million levs a year earlier. Sales abroad declined to 50.3 million levs from 55.2 million levs, while domestic sales edged down to 8.7 million levs from 9.8 million levs.

M+S Hydraulic's expenses decreased to 51.5 million levs in the first six months of the year from 54.3 million levs the year before, as expenses for materials fell to 26.9 million levs from 29.6 million levs.

The company's assets amounted to 63.6 million levs at the end of June, up from 52.1 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)