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SKOPJE (North Macedonia), May 16 (SeeNews) - North Macedonian baked goods producer Zito Luks [MSE:ZILU] said that it turned to a net loss of 12.4 million denars ($226,000/201,000 euro) in the first three months of 2019 from a net profit of 663,000 denars in the comparable period of 2018.
Zito Luks' sales revenue fell 4% year-on-year to 252.3 million denars in the first quarter, the company said in an interim financial statement on Wednesday.
Cost of goods sold increased 3% to 187.8 million denars in the review period.
Financial revenue declined 21% to 579,000 denars in the January-March period, while financial expenses erased 17% to 5.5 million denars.
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 = 61.64 denars)