May 14 (SeeNews) - North Macedonia's Makedonski Telekom [MSE:TEL] said on Thursday that its net profit fell by an annual 22% to 313.2 million denars ($5.49 million/5.1 million euro) in the first quarter due to higher operating expenses.
Makedonski Telekom's operating expenses increased by 8% year-on-year to 2.25 billion denars in the first three months of 2020, the telecommunications company said in an interim financial statement filed with the Skopje bourse.
Amortisation and depreciation costs rose by an annual 7% to 657.6 million denars, while service costs increased by 21.4% on the year to 292.2 million denars in the review period.
The company's total operating revenue totalled 2.6 billion denars in the January-March period, up 3.8% on an annual comparison basis.
Domestic sales increased by 4.8% to 2.5 billion denars, while sales abroad fell 12% to 108.7 million denars.
Makedonski Telekom's shares traded an an average price of 317 denars on the Macedonian Stock Exchange on Thursday, bourse data showed.
(1 euro = 61.42 denars)