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N. Macedonia's Fakom 9-mo net profit plunges

N. Macedonia's Fakom 9-mo net profit plunges Ministry of Economy/All rights reserved.

SKOPJE (N. Macedonia), October 22 (SeeNews) - North Macedonia's steel products manufacturer Fakom [MSE:FAKM] said on Friday its net profit slumped to just 354,000 denars ($6,700/5,700 euro) in the first nine months of the year, compared with a net profit of 14.9 million denars booked in the same period a year earlier.

Operating revenues were down 27% year-on-year to 676.9 million denars, while operating expenses totalled 668.8 million denars, down 26% on the year, Fakom said in an interim financial statement.

Fakom's domestic sales decreased by 23% on the year in the January-September period to 243.2 million denars, whereas its sales abroad were 29% lower at 425.5 million denars.

Fakom is specialised in the production of hot rolled steel sheets, hot rolled profiles, tubular profiles, galvanized and plastic-coated metal sheets and other items.

(1 euro = 61.62 denars)