Pirot-based Tigar significantly cuts losses - Revenues up 2.7%

Pirot-based Tigar has announced its consolidated business results for the first nine months of this year, which show a slight increase in sales and reduction of the already existing net loss.

The company's business revenue grew 2.7% to close to RSD 2 billion, whereas the operating loss was reduced from RSD 248.8 million last year to RSD 11.4 million in the first nine months of 2015. Net loss in the first nine months of 2015 was cut by 63.3% to RSD 317.1 million.

This company, which operates in line with the Prepackaged Reorganization Plan approved by its creditors, reported a very high net debt of RSD 7.3 billion at the end of September. Since the beginning of the year, Tigar shares have gained 33.8% in value, but the market cap is still very small, amounting to RSD 163.3 million (EUR 1.4 million).