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Nov 20, 2019 15:44 EEST
November 20 (SeeNews) - North Macedonia-based steel pipes manufacturer FZC 11 Oktomvri [MSE:CEVI] said that its new profit dropped by an annual 35% to 13.3 million denars ($239,000/216,000 euro) in the first nine months of the year, after the company booked lower revenue.
FZC 11 Oktomvri's operating revenue fell 24% year-on-year to 892.8 million denars in the January-September period of 2019, hit by a plunge in exports, figures from the company's interim financial statement showed.
The company's sales abroad decreased 59% to 410.3 million denars, while domestic sales soared 264% to 454.1 million denars.
FZC 11 Oktomvri lowered its operating expenses by 19% to 899.5 million denars in the review period, as expenses for materials fell 17% to 670.5 million denars.
(1 euro = 61.45 denars)
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