SOFIA (Bulgaria), February 28 (SeeNews) – Bulgarian diversified group Stara Planina Hold [BUL:5SR] said that its consolidated net profit excluding minority interest fell to 6.8 million levs ($3.8 million/3.5 million euro) in 2019 from 7.6 million levs in 2018.
The group’s profit after taxes, including interest attributable to other shareholders in Stara Planina Hold’s subsidiaries and affiliates, decreased to 17.8 million levs last year from 20.4 million levs in 2018, the company said in an annual financial statement on Thursday.
The large difference in Stara Planina Hold’s after-tax and net profit comes from the low interest (30.61%) it holds in the largest company which it consolidates - hydraulic equipment manufacturer M+S Hydraulic [BUL:5MH].
The group’s consolidated revenue declined to 226.2 million levs in 2019 from 244.6 million levs the year before, hurt by worsened consumer sentiment on its main export markets in the EU.
Stara Planina Hold consolidates the results of six majority-owned subsidiaries and four affiliated companies.
The holding company's investment portfolio includes companies from the sectors of machine building, electrical engineering and perfumery and cosmetics.
Stara Planina Hold shares closed 1.87% lower at 5.25 levs on the Bulgarian Stock Exchange on Thursday.
(1 euro = 1.95583 levs)