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N. Macedonia's Makstil grows 9-mo net profit 29%, lowers expenses

Author Mario Tanev
N. Macedonia's Makstil grows 9-mo net profit 29%, lowers expenses Makstil/All rights reserved.

SKOPJE (North Macedonia), November 1 (SeeNews) - North Macedonia-based steel mill Makstil [MSE:STIL] said that its net profit rose by an annual 29% to 3.7 million denars ($67,000/60,000 euro) in the first nine months of 2019.

Makstil's operating revenue fell by an annual 15% to 4 billion denars in the January-September period of 2019, the company said in an interim financial statement earlier this week.

Sales abroad decreased 15% to 3.33 billion denars, while domestic sales were 13% lower at 649 million denars.

Inventories of finished and unfinished goods grew to 986.8 million denars at the end of September from 683.9 million denars at the start of the year.

The company's operating expenses fell 8% year-on-year to 4.25 billion denars, as expenses for materials decreased 13% to 3.13 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 = 61.37 denars)

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