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Subotica-based Veterinarian Institute increased business incomes by 7.6%
Sunday, 12.09.2010.
15:23
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One of the biggest domestic manufacturers of food and drugs for animals, the Veterinarian Institute in Subotica, has improved its operations in the first half of 2010.
Although the profitability performances in 2009, the year of the crisis, were on an enviable level, the Institute managed to increase business incomes by 7.6% in the first six months of 2010 and ended the first half of the year with the business incomes worth 1.2 billion dinars. However, in spite of the growth of income from realization, business profit totaling RSD 80.2m (EBIT) was reduced by 16% when compared to the same period last year. Growth of expenditures based on amortization and reservation and increase of costs of salaries (due to expansion of capacities) and salary fees are the main causes of a small drop of profit in the first half of the year.
In 2009, the Veterinarian Institute registered exceptionally good results on the basis of business, financial and other activities. Overall profitability, measured by basic ratio indexes, amounted to RSD 8.4 per RSD 100 invested in the company's capital and about RSD 8 of yield on total/business assets. The net profitability of income amounted to 11%, while the business profit margin was 14%.
Despite exceptional business results, the prices of shares of the Institute on the Belgrade Stock Exchange has dropped by 12.3% since the beginning of the year and it currently amounts to RSD 500. At that price, the company's total market capitalization is 1.13 billion dinars (10.74 million euros). The ratio of market capitalization to total profit turned in 2009 (which is an approximate value of P/E ratio) amounts to 5.31. In 2010, the price of shares of the Institute was the highest in April and amounted to RSD 735. The majority owner of the Subotica-based company is Sojaprotein with 59.2% of shares since it acquired additional 7.8% of shares last year at the price of RSD 600 per share.
