"Tigar" achieved profit in amount of 168.55m RSD in first quarter of year 2008 - 216% more than last year

During the first three months of this year, Holding company Tigar (TIGAR) realized net profit in amount of 168.55m RSD, which is 216% more than in the same period in 2007.

According to the Business report for period January – March 2008, the capital of Tigar was increased by 4%, to 2.85 billion RSD, while the assets were increased by 64%, to 3.88 billion RSD. The incomes of the dependent companies have not been included in these results.

Incomes in the first quarter of year 2008 were 185% larger than in the same period in 2007 and they reached 571.75m RSD.

Total net profit of the holding and dependent companies of Tigar reached 275.1m RSD in the first quarter of this year, which is 17 times more than in the same quarter last year.

Tigar’s companies that operate abroad - Tigar Europe, Tigar America, Tigar partner, Tigar trade and Tigar Montenegro, realized net profit in amount of 12.71m RSD.

The incomes of the companies in Serbia - manufacturers Tehnička Guma, Hemijski Proizvodi and Obuća, trade companies Trgovine and Export-Import and catering companies, amounted to 262.35m RSD.

The incomes of tyre manufacturer "Tigar Tyres" are not included in the results because the management of "Tigar", backed by stockholders, decided to withdraw from the production of tyres and sell its 30% to French "Michelin", and that transaction will be carried out in phases, between July 2008 and February 2010.

During the first quarter, "Tigar" invested 105.5m RSD, major part of which was spent on equipping of production capacities on location Tigar III, where footwear will be produced.

The report for period between January and March includes 514.5m RSD worth of additional incomes, the major part of which came from the sale of part of land to "Michelin", and 262.3m RSD worth of additional expenses, mainly because of the losses registered by dependent companies in 2007.

The Share Fund has the share of 24.99% in "Tigar", the Pension and Disability Insurance Fund owns 8.73%, while the other stockholders own less than 8% each.

On May 16, the price of stock of "Tigar" on the Belgrade Stock Exchange amounted to 1,570 RSD, whereas the market value of the company was 2.7 billion RSD. "Tigar" is one of three companies in Serbia whose stocks are on listing A of the Belgrade Stock Exchange.