Bulgaria’s Stara Planina Hold projects 33% fall in 9-mo cons sales

Sofia: Bulgarian diversified group Stara Planina Hold [BUL:SPH] said it expects its consolidated sales revenue to decline by an annual 33.2% to 196.1 million levs ($111.6 million/100.3 million euro) in the first nine months of 2024.

The company’s revenue slid by 33.7% on the year in January-August, reaching 176.1 million levs, Stara Planina Hold said in a bourse filing last week.

The total preliminary gross profit of the company’s four main subsidiaries, including hydraulic equipment manufacturer M+S Hydraulic [BUL:MSH], machine engineering company Hydraulic Elements and Systems [BUL:HES] and cosmetics producer Bulgarian Rose [BUL:ROZA], totalled some 9.66 million levs in the review period as battery manufacturer Elhim Iskra [BUL:ELHM] recorded a preliminary loss.

Only Bulgarian Rose is projected to grow its sales revenue in the first nine months of this year, by an annual 18.3% to 3.73 million levs. In contrast, M+S Hydraulic’s sales are seen to drop by 44.3%, while HES’ and Elhim Iskra’s sales are expected to go down by 17.9% and 14.9%, respectively.

As of 1400 CEST on Wednesday, shares in Stara Planina Hold traded 9.68% higher at 10.20 levs on the Bulgarian Stock Exchange.