December 18 (SeeNews) - Bulgarian diversified group Stara Planina Holding [BUL:5SR] said on Friday that it expects its profit to fall by an annual 12-14% in 2021, despite an expected rise in sales.
The group's net profit is seen at over 5 million levs ($3.1 million/2.6 million euro) in 2020, part of which is likely to be distributed to shareholders, Stara Planina Hold said in a stock exchange filing.
Stara Planina Holding forecasts an 11.8% decrease in its 2020 sales, to 198 million levs, which is expected to be followed by a rise to 211 million levs in 2021.
Investments totalled 16 million levs in 2020, and are expected to rise by 14.7% in 2021.
The group plans to keep the number of its employees unchanged next year. Labour productivity increased 1.2% in 2020 and is seen rising by 2.7% in 2021. The average monthly salary is planned to increase by 5.7% in 2021.
Stara Planina Hold's investment portfolio includes companies from the sectors of machine building, electrical engineering, and perfumery and cosmetics.
(1 euro = 1.95583 levs)