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Oct 30, 2007 16:24 EEST
October 30 (SeeNews) - Macedonia's largest wool mill Teteks reported on Tuesday a 4.7% annual rise in its net profit for the first nine months of 2007, to some 19.8 million denars ($464,600/322,500 euro).
Company officials were not immediately available to comment.
Following are figures from Teteks' income statement, sent to the Macedonian Stock Exchange (MSE), where the company is listed (in millions of denars):
In late June Teteks joined the blue-chip index of the most liquid shares of the MSE. On Tuesday its shares closed at 5,669.9 denars, down 0.88%.
Also in late June Norwegian hand knitting yarn producer SandnesGarn said it plans to establish a joint venture with Teteks and Norwegian portfolio investment company Wiggo Erichsen, seeking expansion to new markets.
Teteks, based in northwestern Macedonia, spins, weaves and knits wool and produces ready-made garments. It is the sole vertically integrated textile operation in Europe, according to the International Finance Corporation, the World Bank's private investment arm.
Teteks (www.teteks.com.mk) owns several non-textile subsidiaries in Macedonia, including Teteks Banka. Other subsidiaries include a textile waste recycler and a travel agency. It has export offices in the United States, Bulgaria, Germany, Croatia, Albania, Bosnia, Serbia and Montenegro.
(1 euro = 61.3662 Maceodnian denars)
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