August 28 (SeeNews) - North Macedonia-based railway brake equipment maker Wabtec MZT, part of U.S. Wabtec Corporation, said that it turned to a net profit of 29.9 million denars ($539,000/486,000 euro) in the first half of 2019 from a net loss of 8.7 million denars in the same period of 2018.
The company's operating revenue grew by an annual 10% to 539.3 million denars in the first six months of the year, over 99% of which was booked from sales abroad, Wabtec MZT said in an interim financial statement, published on Tuesday.
Operating expenses rose 5% year-on-year to 502.9 million denars, as expenses for materials added 14% to 219.1 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 = 61.50 denars)