November 13 (SeeNews) - North Macedonia-based railway brake equipment maker Wabtec MZT, part of U.S. Wabtec Corporation, said on Wednesday that it turned to a net profit of 3.3 million denars ($59,000/54,000 euro) in the first nine months of the year from a net loss of 47.5 million denars in the same period of 2018.
Wabtec MZT's operating revenue increased 24% to 865.2 million denars in the January-September period of 2019, the company said in an interim financial statement.
The company's exports added 24% to 859.2 million denars, while domestic sales were 59% higher at 5.8 million denars.
Operating expenses grew 21% to 862.4 million denars in the review period, as cost of goods sold more than doubled to 63.7 million denars from 28.2 million denars.
Expenses for materials also rose sharply, by 32% to 351.7 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 subsequently became a unit of Wabtec in June 2008.
Wabtec MZT exports its products to over 50 countries worldwide.
(1 euro = 61.59 denars)