May 21 (SeeNews) - North Macedonia-based cigarette producer Tutunski Kombinat-Prilep (TKP) [MSE:TKPR] said that its net loss widened to 48.5 million denars ($880,000/789,000 euro) in the first quarter of 2019 from 47.5 million denars in the same period of 2018.
TKP's total operating revenue fell 18% year-on-year to 55.5 million denars in the January-March period of 2019, the company said in an interim financial statement last week.
Domestic sales plunged 42% to 12.8 million denars, while sales abroad dropped 5% to 39.4 million denars.
Operating expenses erased 31% to 103.4 million denars in the review period, as cost of goods sold shrank to just 104,000 denars from 17.6 million denars the year before.
Inventories of finished and unfinished goods increased by 8 million denars over the course of the three-month period, while they added 55 million denars in the same period of 2018.
(1 euro = 61.47 denars)