N. Macedonia's Liberty swings to net profit in Jan-Sept

The company cut its total operating expenses to 4.4 billion denars in the January-September period from 5 billion denars in the first nine months of 2019, as expenses for materials dropped by 13% to 3.8 billion denars, it said in an interim financial statement on Tuesday.

Total operating revenue slid 5% year-on-year to 4.7 billion denars in the nine months through September. Domestic market sales fell by 7% on the year to 857.5 million denars, while sales abroad decreased by an annual 6% to 3.8 billion denars.

Liberty's shares last traded on the Macedonian Stock Exchange on July 7 at an average price of 38 denars.

Liberty produces cold-rolled coils and sheets, galvanized and pre-painted coils, mainly for the general industry segment on the regional market. Liberty House Group acquired the Skopje-based firm from Luxembourg-based steel producer ArcelorMittal in July 2019.

(1 euro = 61.56 euro)