October 29 (SeeNews) - Macedonian commercial bank Komercijalno Investiciona Banka (KIB Kumanovo) reported on Monday a preliminary net profit of 1.7 million denars ($39,700/27,600 euro) for the first nine months of 2007, compared to a 61.8 million denar net loss in the year-ago period.
"The reason for the positive result is the decrease in the number of bad loans and a cut in administrative expenditures in the first half of the year," the bank said in a statement sent to the Macedonian Stock Exchange (MSE), where it is listed.
Following are data from KIB Kumanovo's income statement (in millions of denars):
|
|
Jan-Sep'07 |
Jan-Sept'06 |
| NET LOSS/PROFIT |
+1.7 |
-61.8 |
| INTEREST REVENUE |
+27.2 |
+34.97 |
| OPERATING PROFIT |
+44.2 |
+49.9 |
| TOTAL COSTS |
+84.2 |
+161.97 |
The bank's stock closed at 2,321 denars on Friday, down 7.16% from Thursday under the latest data available.
Iceland's diversified holding company Milestone Group said last month it was in talks for the purchase of KIB Kumanovo for an undisclosed sum. No timeframe for closing the deal has been announced. Komercijalno-Investiciona Banka (www.kib.com.mk), based in the north-east city of Kumanovo, describes itself as a regional bank. It has nine branches and offices in Macedonia and focuses on small- and medium-sized enterprises.
(1 euro = 61.7102 Macedonian denars)