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N. Macedonia's Tikves grows 9-mo cons net profit 3%

Author Mario Tanev
N. Macedonia's Tikves grows 9-mo cons net profit 3% Author: Tikves. Licence: All Rights Reserved.

SKOPJE (North Macedonia), December 6 (SeeNews) - North Macedonia-based wine producer Tikves [MSE:TKVS] said that its consolidated net profit rose by an annual 3% to 44.6 million denars ($803,000/725,000 euro) in the first nine months of the year.

Tikves' sales grew 6% year-on-year to 1.3 billion denars in the January-September period of 2019, the company said in an interim financial statement.

Domestic sales increased 14% to 675.3 million denars, while sales abroad were 2% lower at 612 million denars.

Cost of goods sold added 5% to 852.4 million denars in the review period.

Tikves' administrative costs rose 10% to 82.2 million denars, while sales and marketing costs jumped 45% to 129.3 million denars.

(1 euro = 61.49 denars)