May 18 (SeeNews) - North Macedonian construction company Granit [MSE:GRNT] said that its net profit plunged to 4.8 million denars ($84,300/77,750 euro) in the first quarter of 2020 from 10.3 million denars in the same period of 2019.
The company did not book any revenue from foreign market sales in the January-March period of 2020 after reporting 6.05 million denars in the like period of last year, it said in an interim financial statement last week.
Revenues from domestic market sales fell to 788.7 million denars in the review period from 855.8 million denars a year before.
Cost of trading goods sold surged to 128.4 million denars from 1.6 million denars last year, while cost of materials plunged to 1.5 million denars from 119.4 million denars.
Total operating expenses decreased by an annual 5% to 841.3 million denars.
Granit's shares traded at an average price of 1,008.98 denars on the Macedonian Stock Exchange on Monday, slightly up from its average trading price of 1,007.09 denars on Friday.
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 = 61.73 denars)