July 22 (SeeNews) - North Macedonia-based railway brake equipment manufacturer Wabtec MZT [MSE:MZHE], part of U.S. Wabtec Corporation, said that it closed the first half of 2022 with a net loss of 41.4 million denars ($685,340/672,270 euro), compared to a net loss of 18.7 million denars in the same period of 2021.
The company's operating revenue grew by an annual 11% to 843.0 million denars in the first six months of the year, most of it booked from sales abroad, Wabtec MZT said in an interim financial statement on Thursday.
The company's revenue from sales abroad rose to 839.4 million denars in the first half of 2022, up 11% year-on-year. Domestic sales came in at 3.6 million denars, compared with 2.8 million denars booked in the first half of 2021.
Operating expenses rose 18% year-on-year to 868.8 million denars.
Wabtec MZT was founded in 1953 as 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.
Wabtec's shares have not traded on the Macedonian Stock Exchange (MSE) in the past year.
(1 euro = 61.57 denars)