Messer Tehnogas turned record profit in 2011

The Belgrade-based technical gas manufacturer and distributor Messer Tehnogas has announced financial reports for the previous year, in which the company achieved record business results.

Messer Tehnogas last year registered a business revenue of RSD 5.5 billion, up 13.3% from 2010.

The company's efficiency as well grew last year, so that the business profit amounted to RSD 1.2 billion, up 8.2 percent from one year earlier. The end result was RSD 1.1 billion, representing a 13.3 percent increase against 2010.

Messer Tehnogas also kept its debts at a relatively low level in 2011. Its long-term liabilities dropped to RSD 40.8 million, while its short-term liabilities grew 20% to RSD 692.8 million.

Tehnogas, which has been run by the multinational company Messer for 15 years now, comprises affiliates in Montenegro, Turkey, Bosnia-Herzegovina and Kosovo.

The Tehnogas shares have lost 11.5 percent in value on the Belgrade Stock Exchange since the beginning of the year. At the latest share price of RSD 3,805, the company's market capitalization amounts to RSD 3.9 billion (EUR 35.6 million).