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N. Macedonia's Makstil cuts Q1 net profit, revenue

Author Mario Tanev
N. Macedonia's Makstil cuts Q1 net profit, revenue Makstil/All rights reserved.

SKOPJE (North Macedonia), May 9 (SeeNews) - North Macedonian steel mill Makstil [MSE:STIL] said on Thursday that its net profit fell by an annual 7% to 1.1 million denars ($20,000/18,000 euro) in the first quarter of 2019.

The company's total operating revenue decreased 6% year-on-year to 1.27 billion denars in the January-March period, Makstil said in an interim financial statement.

Domestic sales plunged 52% on the year to 174 million denars, while sales abroad added 15% to 1.09 billion denars.

Total operating expenses edged down 2% to 1.40 billion denars in the review period, as expenses for materials fell 4% to 1.05 billion denars.

Makstil produces hot rolled heavy plates. Its major shareholder is Duferco Group, which operates in steel production and distribution, trade of energy, shipping and logistics, and engineering.

(1 euro = 61.53 denars)