Cementarnica Usje net profit falls in 1Q18

Macedonian cement producer Cementarnica Usje has reported a 14 per cent YoY fall in non-consolidated net profit to MKD94.9m (US$1.8m) in the 1Q18, the company said in an interim statement.

The Titan-owned company’s operating revenue during the first quarter of this year declined 14 per cent to MKD645.8m when compared with January-March 2017. Domestic sales fell 15 per cent YoY to MKD428.5m while exports contracted by 12 per cent to MKD194.5m over the three-month period.

Meanwhile, Cementarnica Usje’s operating expenses increased 17 per cent YoY to MKD644.8m, squeezing the company’s profits. Cost of materials and other supplies were 16 per cent higher at MKD302.2m while cost of goods sold jumped 77 per cent to MKD121m.