BUSINESS OPERATIONS OF TIGAR AD IN THE THIRD QUARTER
Tigar’s operating results for the third quarter confirm the positive trend from the period April-June this year. Total sales for the third quarter was increased by 13 percent when compared to the previous quarter, and by as much as 74 percent when compared to the first quarter of this year. Sale of Tigar's products during the first nine months amounts to more than two billion Dinars, of which 50 percent in exported. Only during September, in export was earned RSD 147 million. Tigar Rubber Footwear still has the largest share in exports, which in the third quarter was nearly 90 percent.
The Supervisory Board of Tigar a.d. adopted a Program of business and financial consolidation, which shall be presented on the occasion of the Extraordinary General Assembly session to be held in November. The program represents a holistic view of key business problems, and a proposed model for lasting recovery of the system.
In difficult liquidity-related conditions, the company manages to realize its business continuity through significant spending cuts and through an increase in production volume.
In parallel with the increase in deliveries to existing customers in the EU countries, the company's management recently started intense talks with potential partners from Indonesia. The goal of these discussions, in addition to establishing commercial cooperation that would be based on the supply of raw materials of European countries from Indonesia, and the possibility of joint investment in some of the existing Tigar’s programs or new production program in the field of rubber industry.
Corporate Communication Center