Macedonia: Cementarnica Usje non-cons net profit falls 5% in 2016

Macedonia’s Cementarnica Usje, a subsidiary of Greece-based cement producer Titan, saw a five per cent YoY decrease in its non-consolidated net profit to MKD1.2bn (US$20.7m) in 2016 as a result of higher production costs.

Non-consolidated operating expenses increased four per cent YoY to MKD3.14bn while operating revenue remained stable at MKD4.43bn. Operating profits fell six per cent to MKD1.3bn when compared with 2015.

Financial revenues advanced 15 per cent to MKD23.4m while financial expenses dropped by 75 per cent to MKD8.7m.