Macedonia's sole oil refinery OKTA posted 51% y/y lower net profit in the first nine months of the year of MKD132.5mn (€2.1mn), despite its higher revenues, the company said on November 14.
The profit was lower due to falling oil prices on the international market.
However, OKTA managed to maintain its stable financial position, covering its planned capital costs and needs for current capital.
Sales revenues were up by 23% y/y to MKD16.7bn, most of them generated by sales on the local market, OKTA said in a bourse filing.
However, the company’s operating profit plunged 55% y/y to nearly MKD160mn in the first nine months.
OKTA is a unit of Greece’s Hellenic Petroleum. Apart from its main activities, OKTA has developed its own retail network, which consists of over 20 filling stations. In 2016, OKTA's net profit jumped fourfold to MKD341.2mn.
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