Subotica-based Veterinarski Zavod reports EUR 3.9 million loss - Revenues up 20 percent

Subotica-based animal feed and medicine manufacturer Veterinarski Zavod (Veterinary Institute) generated RSD 3.73 billion revenues in 2012, up 20 percent from the year before.

Also, its business profit leaped from 224 to 422 million dinars.

Despite everything mentioned above, the final net result was very negative, so that the company reported a loss of RSD 433.5 million, mainly due to high expenditures that octupled from 2011 to RSD 834.4 million.

Veterinarski Zavod is a member of the Belex15 index, but its shares have not been traded so much lately, particularly after the majority owner, Victoria Group, made a takeover bid in December 2012 and acquired a 53-percent stake in that way.

With the latest share price of RSD 500, the company's market cap is at RSD 2.13 billion (EUR 19 million).