(Updates with costs, company comment in second, third paragraphs.)
Nov. 17 (Bloomberg) -- Merko Ehitus AS, the biggest listed Baltic builder, said third-quarter profit shrank to 263,000 euros ($355,260) from 1.9 million euros a year earlier, citing higher raw material costs.
The cost of goods sold increased 49 percent from the year earlier period, compared with a 41 percent rise in revenue, the Tallinn-based company said in a regulatory statement today. It added the third-quarter result was better than the first half when the company had to make provisions for unprofitable projects.
Construction of new apartments in Tallinn and Lithuanian capital Vilnius has “clearly” shrunk in the second half of the year, Merko said, citing the weakening global outlook.
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