You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

N. Macedonia's Makstil lowers H1 net profit 33% y/y

Author Mario Tanev
N. Macedonia's Makstil lowers H1 net profit 33% y/y Makstil/All rights reserved.

SKOPJE (North Macedonia), August 9 (SeeNews) - North Macedonia-based steel mill Makstil [MSE:STIL] said that its net profit dropped 33% year-on-year to 1.2 million denars ($22,000/20,000 euro) in the first half of 2019.

Makstil's operating revenue fell by an annual 13% to 2.59 billion denars in the January-June period of 2019, the company said in an interim financial statement on Thursday.

Domestic sales declined 25% on the year to 411 million denars, while sales abroad decreased 9% to 2.17 billion denars.

Operating expenses edged up 1% to 2.95 billion denars in the review period, as expenses for hired services and personnel expenses added 4% and 10%, respectively.

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 = 61.52 denars)