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Aug 28, 2023 14:37 EEST
August 28 (SeeNews) - Bulgarian diversified group Stara Planina Hold [BUL:SPH] said on Monday its consolidated net profit, excluding minority interest, increased to 9.2 million levs ($5.1 million/4.7 million euro) in the first half of this year from some 9 million levs in the like period of 2022.
Operating revenue in January-June went up to 213.4 million levs from 187.4 million levs a year earlier, the company said in an interim financial statement. Sales in the review period grew by an annual 15.4% to 211.6 million levs.
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At the same time, Stara Planina Hold's expenses widened to some 183 million levs from 162.2 million levs, chiefly due to higher costs for materials and remuneration.
The company expects its revenue for the second half of 2023 to decline by 12% compared to a year earlier. For the whole year, the company projects sales of over 380 million levs, it said.
Stara Planina Hold consolidates the results of machine engineering companies M+S Hydraulic [BUL:MSH] and Hydraulic Elements and Systems [BUL:HES] as well as cosmetics maker Bulgarian Rose [BUL:ROZA] and battery manufacturer Elhim Iskra [BUL:ELHM], among others.
Shares in Stara Planina Hold last traded on August 24 when they closed at 10.40 levs on the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)
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