April 27 (SeeNews) - North Macedonia's steel products manufacturer Fakom [MSE:FAKM] said on Wednesday that its non-consolidated net profit rose to 637,000 denars ($10,900/10,400 euro) in the first quarter of 2022 from just 24,000 denars in the like period of last year.
Total operating revenue rose 23% year-on-year to 263.9 million denars in the January-March period, the company said in a quarterly financial statement filed with the stock exchange in Skopje.
Fakom's domestic sales declined by 53% to 41.8 million denars, while sales abroad were 80% higher at 219.3 million denars.
Total operating expenses increased 24% to 261.2 million denars, as cost of materials consumed amounted to 133.3 million denars in the first quarter, up 75% year-on-year.
Fakom is specialised in the production of hot rolled steel sheets, hot rolled profiles, tubular profiles, galvanized and plastic-coated sheet metals and others.
Fakom's shares have not traded on the Macedonian Stock Exchange (MSE) in the past year.
(1 euro = 61.49 denars)