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N. Macedonia's Tikves grows 9-mo non-cons net profit 13%

Author Mario Tanev
N. Macedonia's Tikves grows 9-mo non-cons net profit 13% Author: Tikves. Licence: All Rights Reserved.

SKOPJE (North Macedonia), November 19 (SeeNews) - North Macedonia-based wine producer Tikves [MSE:TKVS] said that its non-consolidated net profit rose by an annual 13% to 71.1 million denars ($1.3 million/1.2 million euro) in the first nine months of the year.

Tikves' sales grew 9% year-on-year to 1.14 billion denars in the January-September period of 2019, the company said in an interim financial statement.

Domestic sales increased 12% to 672.4 million denars, while sales abroad were 4% higher at 465.5 million denars.

Cost of goods sold added 6% to 734.2 million denars in the review period.

Tikves' administrative costs rose 30% to 62.2 million denars, while sales and marketing costs jumped 37% to 117.3 million denars.

(1 euro = 61.55 denars)

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