March 16 (SeeNews) - North Macedonia's railway brake equipment manufacturer Wabtec MZT [MSE:MZHE], part of U.S. Wabtec Corporation, said that its non-consolidated net loss narrowed to 3.74 million denars ($67,815/61,016 euro) in 2019 from 65.89 million denars in the previous year.
Wabtec MZT's operating revenue increased by 30.9% to 1.31 billion denars in 2019, the company said in an annual financial statement on Friday.
The company's exports added 31.2% to 1.3 billion denars, while domestic sales edged down 0.66% to 6.9 million denars.
Operating expenses grew 28.3% to 1.31 billion denars in the year under review, as cost of goods sold soared 190% to 132.44 million denars. Expenses for materials also rose sharply, by 31% to 500.09 million denars.
Wabtec MZT was founded in 1953 under the name MZT Hepos. The company was acquired by Italy's POLI group in 2003, and in 2008 became a unit of Wabtec.
Wabtec MZT exports its products to over 50 countries worldwide.
(1 euro = 61.2948 denars)