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N. Macedonia's Tutunski Kombinat narrows H1 net loss

Author Mario Tanev
N. Macedonia's Tutunski Kombinat narrows H1 net loss Tutunski Kombinat Prilep/All rights reserved.

SKOPJE (North Macedonia), August 21 (SeeNews) - North Macedonia-based cigarette producer Tutunski Kombinat-Prilep (TKP) [MSE:TKPR] said that its net loss narrowed to 66.2 million denars ($1.2 million/1.1 million euro) in the first half of 2019 from 253.2 million denars in the same period of 2018.

The company's operating revenue fell 9% year-on-year to 374.8 million denars hit by lower exports, TKP said in an interim financial statement.

Sales abroad dropped 25% to 240 million denars in the review period, while domestic sales grew 51% to 131.4 million denars.

Operating expenses decreased 24% to 774 million denars in the first six months of 2019, as personnel costs plunged 80% to 64.9 million denars.

(1 euro = 61.51 denars)