N. Macedonia's Makpetrol lowers 9-mo cons net profit, grows expenses

N. Macedonia's Makpetrol lowers 9-mo cons net profit, grows expenses

North Macedonia-based fuel retailer Makpetrol said that its consolidated net profit fell by an annual 5% to 578.8 million denars ($10.4 million/9.4 million euro) in the first nine months of the year, following a rise in expenses.Makpetrol grew its expenses 5% year-on-year to 16.5 billion denars in the January-September period of 2019, the company said in an interim financial statement on Wednesday.The rise was mostly due to higher personnel expenses, which grew by 10% to 832.3 million denars, and expenses for hired services, which added 27% to 354.4 million denars.The company's total operating revenue increased 4% to 17.1 billion denars in the review period.Domestic sales were 4% higher on the year at 16 billion denars, while sales abroad grew 15% to 969.4 million denars.Makpetrol has a network of over a hundred fuel stations across Macedonia. The company also has units in neighbouring Serbia and Greece.

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