April 19 (SeeNews) - North Macedonian baked goods producer Zito Luks [MSE:ZILU] said on Friday that it intends to skip dividend distribution for 2018.
Zito Luks intends to use its net profit of 5.8 million denars ($107,000/94,000 euro) in 2018 to cover accumulated losses from previous financial years, the company said in a bourse filing.
The company's shareholders will vote on the proposal at a meeting scheduled for May 9.
Zito Luks's net profit rose to 5.8 million denars in 2018 from 1.2 million denars in 2017.
The company also used its 2017 profit for covering accumulated losses.
Zito Luks is part of international grain group Elbisco SA Greece.
The company operates a mill with 50,000 tonnes capacity and five bread production lines.
(1 euro = 61.52 denars)