May 21 (SeeNews) - North Macedonia-based drug maker Replek [MSE:REPL] said that its consolidated net profit plunged by an annual 35% to 22 million denars ($399,000/358,000 euro) in the first quarter of 2019 as expenses grew quicker than revenue.
Replek's operating expenses rose by 4% year-on-year to 205 million denars in the January-March period, the company said in an interim financial statement last week.
Cost of goods sold increased 8% to 32.3 million denars, while payroll costs added 16% to 69.1 million denars in the review period.
Total operating revenue grew 2% on the year to 229.5 million denars in the first three months of 2019.
Domestic market sales rose 18% to 98.5 million denars, while sales abroad fell 9% to 125.4 million denars.
(1 euro = 61.49 denars)