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May 29, 2023 12:10 EEST
May 29 (SeeNews) - Bulgarian diversified group Stara Planina Hold [BUL:SPH] said on Monday its consolidated net profit rose to 4.9 million levs ($2.7 million/2.5 million euro) in the first quarter of this year from 3.6 million levs in the like period of 2022.
Revenue jumped to 108.6 million levs in the January-March period from 89.3 million levs a year earlier, the company said in an interim financial statement. Sales in the review period added 23% year-on-year to 107.9 million levs.
Growth in sales was mainly due to increased production capacity as a result of investments in new machines and equipment and restructuring of production facilities, along with reorganisation and diversification of supplies and planning, Stara Planina Hold said.
At the same time, the company's operating expenses rose to some 92 million levs from 78.1 million levs on the back of higher costs for materials and remuneration.
Looking ahead, the company projects its sales revenue in the first half of 2023 to increase by 17% and by nearly 63% compared to the revenue reported for the like period of 2021.
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].
Shares in Stara Planina Hold last traded on Thursday when they closed at 9.10 levs on the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)
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