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SKOPJE (North Macedonia), July 1 (SeeNews) - North Macedonia-based steel mill Makstil [MSE:STIL] said that it is planning to skip dividend distribution for 2018.
Makstil intends to use its profit in 2018, of 4.3 million denars ($79,000/70,000 euro), to cover losses from preceding financial years, the company said in a bourse filing.
The company's shareholders will vote on the proposal at a general meeting scheduled for July 29.
Makstil's net profit rose to 4.3 million denars in 2018 from 1.6 million denars in 2017. At the end of 2018, Makstil had 3.24 billion denars of accumulated losses.
Makstil produces hot rolled heavy plates. Its major owner is Duferco Group, which operates in steel production and distribution, trade of energy, shipping and logistics, and engineering.
(1 euro = 61.45 denars)