Bulgaria's Stara Planina Hold Q1 cons net profit shrinks 53% y/y

Overall revenue in January-March went down to 75.4 million levs from 108.6 million levs a year earlier, the company said in an interim financial statement. Sales of products in the review period fell by an annual 31% to 71.1 million levs.

In parallel, Stara Planina Hold's operating expenses shrank to some 68 million levs from 92 million levs on the back of lower costs for materials and remuneration.

The company expects its revenue for the first half of 2024 to decline by 31% compared to a year earlier and by 20% against the first half of 2022, it said.

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], among others.

As of 1145 CEST on Wednesday, shares in Stara Planina Hold traded 4.63% lower at 10.30 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)