Hydraulic Elements and Systems Profit Up 67.6% During Year’s First Quarter

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Hydraulic Elements and Systems profit is up 67.6 per cent during the year’s first quarter to 972 000 leva in comparison to 580 000 leva for the previous year, the company’s financial statement published on BSE- Sofia's website reveals.

The increase in the company’s revenues to 12.77 mln leva against 11.69 mln leva for the previous year also contributed to its good performance. The rise was predetermined almost entirely by the rise in production revenues which is nearly 1 mln leva.

The expenditures of the hydraulic systems producer rose to 11.75 mln leva during the first quarter of the year in comparison to 11.08 mln for the previous year. This was again predetermined mainly by the increase in the materials revenues which grew to 7.41 mln leva from 6.63 mln leva for 2006.

The company’s core capital is 2.62 mln leva and its total equities amount to 11.62 mln leva.

In the beginning of the month it was announced that at a meeting held April 3, 2007 the company’s Board of Directors approved the prospectus for the public offering of the shares from the capital increase and an emission value of 19.75 leva per share.

At a meeting of the Board of Directors of Hydraulic Elements and Systems held 14 March 2007 was approved a capital increase from 2.62 mln leva to 3.039 mln leva through the issuance of 419.173 000 common, dematerialized, registered shares entitling to voting right.

Stara Planina Hold AD is the main shareholder in the company controlling 73.73 per cent of the capital.

Today the company’s shares rose 0.9 per cent to an average of 25.62 leva and the volume traded was 175 shares.



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