1H 2019 Consolidated Financial Report of the company has submitted to the Financial Supervision Commission.
Through the interim report:
The consolidated profit of the Group for the first half of 2019 amounts to BGN 11.2 million compared to BGN 13.9 million for the first half of 2018, which represents a decrease of 19.4%. We expect the same trend in the second half of 2019. This may affect the dividend flow to the parent company.
At the same time, we are seeing a process of declining of the 5SR stock price. In this trend, the General Meeting of Shareholders, held on May 16, decided to buy back shares at a range of BGN 5.00 to BGN 7.00 per share.
The first half of 2019 showed lower than projected results. The aggregate figures show that the results are comparable to the published expectations. 1H 2019 consolidated sales are 2.75% lower than 1H 2017 and 1.4% below the business plan.
2Q 2019 net sales reached BGN 63.2 million. This, as well as the 1H 2018, are historic records for Stara Planina Hold Group.
Net sales in the second quarter reached BGN 59.9 million, compared to BGN 63.2 million in the 2Q2018.
We expect the Y2019 sales to exceed BGN 231.3 million, which will achieve a down of 4.7% compared to Y2018.
Consolidated Sales (BGN'm)