Tigar's loss grows bigger, revenues down by 18 percent

(Photo: Tigar.com)

Serbian blue-chip rubber and chemicals group Tigar said on Monday it had moved to loss in the nine months through September due to working capital deficiencies, but projected to end 2012 in the black.

The company posted a RSD 254.9 million (USD 3.4 million/EUR 2.6 million) loss in that period against the net profit of RSD 7.4 million a year earlier.

What contributed the most to such results is a decline in the value of supplies and an increase in finance costs in the total amount of RSD 424 million in addition to reduced sales.

The company's business revenue in the period January-September amounted to RSD 3.1 billion, down 18.6 percent from the same period last year.