April 22 (SeeNews) - Bulgarian diversified group Stara Planina Hold [BUL:SPH] said on Monday that it expects its consolidated sales revenue to sink by 30.2% on the year to 96.5 million levs ($52.6 million/49.3 million euro) in the first four months of 2024.
The company's revenue dropped by 30% year-on-year in the first quarter, reaching 74.2 million levs, Stara Planina Hold said in a bourse filing. Last month, the group forecast an annual fall of 30% in its sales in the first three months of 2024.
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The total preliminary gross profit of the company's four main subsidiaries, including hydraulic equipment manufacturer M+S Hydraulic [BUL:MSH] and machine engineering company Hydraulic Elements and Systems [BUL:HES], totalled some 5.82 million levs in the review period. Battery manufacturer Elhim Iskra [BUL:ELHM] and cosmetics producer Bulgarian Rose [BUL:ROZA] recorded preliminary losses in January-March.
Only Bulgarian Rose is projected to grow its sales revenue in the first four months of this year, by an annual 21% to 1.38 million levs. In contrast, M+S Hydraulic's sales are seen to drop by 39.4%, while HES' and Elhim Iskra's sales are expected to decline by 20.9% and 14.9%, respectively.
Shares in Stara Planina Hold last traded on Friday when they closed at 10.40 levs on the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)