Fitofarmacija reports RSD 968m in 1H 2014 consolidated net profit, down 3.6%

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Zemun-based Galenika Fitofarmacija (FITO), plant protection products manufacturer, reported 1H 2014 consolidated numbers which are very similar to 1H 2013 figures.

Sales came in at RSD 2.7bn, up 5.6% y/y, with operating profit at RSD 867.2m, up 3.7% y/y, which implies that profitability is only slightly reduced vs. 1H 2013. Consolidated net profit came in at RSD 968m, down only light 3.6% y/y, due to the higher tax paid in the period. The company has no major debt as usual. Taking into account that only 1H is active season for the company, we can assume that FY 2014 numbers will be very similar to the already reported (operating and net profit will be probably slightly reduced, while sales should remain the same). As a result, we should expect similar cash dividend from 2014 earnings as it was paid from 2013 profit – around RSD 152 per share (gross amount), which implies 5.1% yield, according to reporting of Wise Broker .

GALENIKA - FITOFARMACIJA a.d. Zemun

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