Bulgaria's Stara Planina Hold Sees 7-mo Cons Sales Falling 60% Y/Y to 11.7 Mln Euro

Bulgarian industrial group Stara Planina Hold said on Friday it expects its seven-month consolidated sales to fall by some 60% to 22.9 million levs ($16.6 million/11.7 million euro) after recording a similar fall in its first-half sales.

The holding's consolidated sales fell by 60.64% in the first half of the year to 19.89 million levs, it said in a statement.

Sales of hydraulic equipment producer M+SHydraulic, in which the holding owns a 30.9% stake, fell by 51.1% in the first half of the year to 20.6 million levs. The holding expects the seven-month sales of M+S Hydraulic to fall by 51.6% to 23.83 million levs.

M+S Hydraulic's first-half preliminary net profit was 623,000 levs, the statement said, but provided no comparative figures. In June alone the company recorded a loss of 147,000 levs.

Stara Planina Hold also said the first-half sales of its car battery maker Elhim Iskra fell by 54.5% to 8.58 million levs, while those of its other hydraulic equipment maker, Hydraulic Elements & Systems (HES) declined by 65.6% to 9.36 million levs.

The holding said it expects the seven-month sales of these two companies to fall by 53% and 65.6%, respectively, to 10.3 million levs and 10.5 million levs. Elhim Iskra posted a net profit of 227,000 levs through June this year, while HES had a net profit of 189,000 levs.

Shares of M+S Hydraulic, part of the blue-chip SOFIX index of the bourse in Sofia, closed 3.03% lower at 3.2 levs on Friday.

Shares of Stara Planina Hold ended unchanged at 1.5 levs.

Elhim Iskra shares were last traded on Thursday advancing 4.5% to 1.15 levs and HES stocks gained 3.28% to 3.0 levs.

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