SOFIA (Bulgaria), February 26 (SeeNews) - Bulgarian hydraulic equipment manufacturer M+S Hydraulic [BUL:5MH] said on Wednesday that its consolidated net profit fell to 13.3 million levs ($7.3 million/6.6 million euro) last year from 15.1 million levs in 2018.
The company's operating revenue decreased to 111.9 million levs in 2019 from 127.3 million levs the year before, M+S Hydraulic said in an annual financial statement.
M+S Hydraulic lowered its operating expenses to 97.2 million levs last year from 110.6 million levs the year before, mainly due to a 7.1 million levs decrease in expenses for materials and a 4.9 million levs cut in expenses for salaries.
M+S Hydraulic is an affiliate of blue-chip diversified group Stara Planina Hold [BUL:5SR].
M+S Hydraulic shares closed at 6.1 levs on the Bulgarian Stock Exchange on Tuesday, and are up 1.67% year-to-date. The shares erased 21.6% of their value in 2019.
(1 euro = 1.95583 levs)