May 28 (SeeNews) - Bulgarian diversified group Stara Planina Hold [BUL:5SR] said on Thursday that its consolidated net profit excluding minority interest fell to 2.1 million levs ($1.2 million/1.1 million euro) in the first quarter of 2020 from 2.4 million levs in the same period of 2019.
The group’s profit after taxes, including interest attributable to other shareholders in Stara Planina Hold’s subsidiaries and affiliates, decreased to 5.5 million levs in the January-March period of 2020 from 6.4 million levs in the comparable period of 2019, the company said in an interim financial statement.
The large difference in Stara Planina Hold’s after-tax and net profit mostly comes from the low interest - 30.61%, it holds in the largest company which it consolidates - hydraulic equipment manufacturer M+S Hydraulic [BUL:5MH].
Stara Planina Hold's operating revenue declined to 56.6 million levs in the review period from 63 million levs the year before.
Operating expenses fell to 50.4 million levs from 56 million levs, as expenses for materials decreased by 3.5 million levs to 28.1 million levs.
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.
As at 12:30 CET on Thursday, Stara Planina Hold shares traded at 5 levs, unchanged from their previous closing price on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)