March 25 (SeeNews) - Bulgarian diversified group Stara Planina Hold [BUL:SPH] said it expects its consolidated revenue to slip by 30% on the year to some 74.3 million levs ($41.1 million/38 million euro) in the first quarter of 2024.
The company's revenue dropped by 25.3% year-on-year in January-February, reaching 51.9 million levs, Stara Planina Hold said in a bourse filing on Friday. Last month, the group projected an annual decline of 28.5% in its sales in the first two 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 5.14 million levs in the review period. Battery manufacturer Elhim Iskra [BUL:ELHM] and cosmetics producer Bulgarian Rose [BUL:ROZA] posted preliminary losses in January-February.
Only Bulgarian Rose is projected to grow its sales revenue in the first quarter of this year, by an annual 31.4% to 958,000 levs. In contrast, M+S Hydraulic's sales are seen to drop by 38.6%, while HES' and Elhim Iskra's sales are expected to fall by 21.3% and 17.4%, respectively.
Shares in Stara Planina Hold last traded on March 21 when they closed at 10.20 levs on the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)