May 21 (SeeNews) - Bulgarian machine engineering company Hydraulic Elements and Systems (HES) [BUL:4HE] said on Thursday that its gross profit fell 10.9% to 2.24 million levs ($1.3 million/1.1 million euro) in the first four months of 2020, with the decrease expected to deepen to 39% in January-June.
HES' sales dropped by 15.55% in the January-April period of 2020, and the projection for the first half of the year is for a 22% decrease to 27 million levs, the company said in a bourse filing.
The company booked a gross profit of 295,000 levs and revenue of 4.2 million levs in April alone, but its results in May and June are expected to worsen due to the notable decrease in orders from its main clients.
Sales in May are seen at 3.1 million levs.
As at 9:10 CET on Thursday, HES shares traded 0.53% higher at 3.76 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)