APPROVED NINE-MONTHS BUSINESS REPORT OF TIGAR AD
At the meeting held on 13th November, Supervisory Board of Tigar ad adopted the Business Report for the first nine months of this year, which was officially published on the company’s website.
According to appraisal of the Supervisory Board, the key features of this period are very difficult business conditions, with an evident increase of industrial and commercial activities since the beginning of the second and during the third quarter which followed after a low volume of business at the beginning of 2013. Although there were noted positive operating results in the third quarter, the total loss in the period January-September on a consolidated basis amounted to RSD 730 million, while the operating loss amounted up to RSD 319 million.
During the period January-September, the revenues from the sale of goods, products and services on a consolidated basis amounted to RSD 2.3 billion, which is for 21% lower than in the first nine months of 2012. From the sale of Tigar’ products were generated revenues of RSD 1.4 billion, of which more than 70% were realized in export. The most important export markets for Tigar’s products during the first three quarters of this year were the countries of the European Union with 84 percent, while in the Balkan region was sold 12 percent of total exports.
The most present program in exports during the first three quarters was rubber footwear, whose share in total sales to foreign markets in the third quarter amounted up to 90 percent. After months of delay, in the third quarter were realized deliveries to the Canadian market.
These days, the management of the company continues with intense activities related to the procedure of financial consolidation. After the talks at the Ministry of Economy, there was organized a meeting with bank representatives, and activities in order to find adequate solutions shall also continue i this period in cooperation with relevant ministries.
Business Report of Tigar ad in the period January - September this year was published on the company's website www.tigar.com.
Corporate Communication Center