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N. Macedonia's Granit cuts Q1 cons net profit despite rise in revenue

Author Mario Tanev
N. Macedonia's Granit cuts Q1 cons net profit despite rise in revenue Author: Ken Teegardin. Licence: Creative Commons.

SKOPJE (North Macedonia), June 4 (SeeNews) - North Macedonia-based construction company Granit [MSE:GRNT] said that its consolidated net profit fell by an annual 23% to 5 million denars ($91,000/81,000 euro) in the first quarter of 2019.

Granit's operating revenue rose 35% year-on-year to 976.3 million denars in the first three months of 2019, as domestic market revenue soared to 854.8 million denars in the review period from 293.1 million denars the year before, figures from the company's interim financial statement, published last week, showed.

Operating expenses grew 34% on the year to 972.3 million denars, as expenses for hired services jumped 75% to 395 million denars.

Inventories of finished and unfinished goods remained relatively unchanged throughout the first quarter of 2019, which compares to an increase of some 6 million denars during the same period of last year.

Granit's financial revenue rose to 4.7 million denars in the first quarter of the year from 1.8 million denars in the same period of last year, while financial expenses increased to 3.2 million denars from 1.5 million denars.

Skopje-based Granit was established in 1952 and privatised in 1996. Its main activities include construction and rehabilitation of roads. The company owns several concrete and asphalt plants and stone quarries. 

(1 euro = 61.63 denars)

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