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N. Macedonia's Tutunski Kombinat turns to 9-mo net profit on lower expenses

Author Mario Tanev
N. Macedonia's Tutunski Kombinat turns to 9-mo net profit on lower expenses Tutunski Kombinat Prilep/All rights reserved.

SKOPJE (North Macedonia), November 8 (SeeNews) - North Macedonia-based cigarette producer Tutunski Kombinat-Prilep (TKP) [MSE:TKPR] said that it turned to a slim net profit of 6.8 million denars ($122,000/111,000 euro) in the first nine months of the year from a new loss of 232.2 million denars in the same period of 2018.

TKP's operating revenue rose 3% year-on-year to 926.6 million denars in the January-September period of 2019 as domestic sales soared, the company said in an interim financial statement on Wednesday.

Revenue on the local market jumped by an annual 55% to 182.7 million denars, while sales abroad fell 4% to 739.9 million denars.

TKP cut its expenses by 19% to 892.4 million denars in the review period, as personnel costs plunged 72% year-on-year to 95.3 million denars.

(1 euro = 61.50 denars)

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