March 15 (SeeNews) - Macedonian building materials producer Cementarnica Usje [MSE:USJE] said on Wednesday that its non-consolidated net profit decreased 5% to 1.2 billion denars ($20.7 million/19.5 million euro) in 2016 due to higher costs.
The company's non-consolidated operating expenses added 4% to 3.14 billion denars, whereas operating revenue totalled 4.43 billion denars, flattish compared to 2015.
Thus, non-consolidated operating profit dropped 6% to 1.3 billion denars.
Financial revenue grew 15% to 23.4 million denars, while financial expenses plunged 75% to 8.7 million denars.
Cementarnica Usje is a subsidiary of Greece-based cement producer TITAN, which owns production plants in nine countries and employs more than 5,500 people worldwide. According to the company, it is one of the 20 largest Macedonian firms in terms of profit.
(1 euro = 61.58 denars)