March 25 (SeeNews) - Bulgarian machine engineering company Hydraulic Elements and Systems [BUL:HES] said it projects its sales revenue to drop by an annual 21.3% in the first quarter of this year.
Sales in March alone are forecast at 6.56 million levs ($3.63 million/3.35 million euro), HES said in a stock exchange filing last week.
In the first two months of 2024, the company's revenue fell by 19.3% year-on-year, while its preliminary gross profit came in at some 1.52 million levs. Sales in February alone stood at 6.81 million levs, with preliminary profit totalling 665,000 levs.
Yambol-based HES is part of local diversified group Stara Planina Hold [BUL:SPH].
Shares in HES last traded on Friday when they closed at 5.65 levs on the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)