Galenika-Fitofarmacija turns EUR 9 million profit in H1 2011

Galenika-Fitofarmacija, Zemun-based manufacturer of pesticides and agricultural chemicals, has announced a business plan for the second half of this year, along with the review of results from the first half of the year, showing the company`s continued positive business trend.

This company generated a business revenue of almost RSD 2 billion in the first six months of 2011, thus outperforming the plan by 6.5 percent, whereas its business profit amounted to RSD 911.9 million, which is 14 percent more than planned. Since this company has one of the lowest debt rates on Belex (it did not have any long-term loan to repay at the end of 2010), it can be assumed that the net result is not much lower than the registered business profit.

Considering that the operations of this company are much affected by seasonal factors, the management does not expect the revenues from the sale of products and services to grow significantly in the second half of the year.

On the other hand, the costs of direct materials used and other business expenditures will be on the expected upward trend until the year`s end, which will reduce the business profit.

According to the business plan, the company`s management expects the business profit to reach RSD 785 million at the end of the year, whereas the business revenue should be close to RSD 2.86 billion.