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Nov 14, 2017 15:16 EEST
November 14 (SeeNews) - Macedonia's sole oil refinery Okta [MSE:OKTA] said on Tuesday its net profit fell by an annual 49% to 135.2 million denars ($2.6 million/2.2 million euro) in the first nine months of the year.
Sales revenue rose 23% year-on-year in the period January-September to 16.67 billion denars, but the cost of goods sold also increased, by 35% to 14.7 billion denars, Okta said in an interim financial report filed with the Macedonian Stock Exchange.
Okta's gross profit fell 16% on the year to 824.3 million denars in the January-September period.
Sales and marketing costs added 4% year-on- year to 431.5 million denars, while administrative costs fell 12% to 183.8 million denars.
Okta is majority-owned by EL.P.ET. Balkaniki, a subsidiary of Greek oil group Hellenic Petroleum.
OKTA possesses crude oil refining facilities with installed capacity of 2.5 million metric tons. Its installations are connected via a 210 km pipeline with HELPE refinery in Thessaloniki. OKTA supplies more than half of the fuel needs of the country and has significant exports to Kosovo. It also exports to Serbia and Albania.
(1 euro = 61.51 denars)
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