Sojaprotein Company Registers 79 Percent Drop in Profit in First Quarter of 2016

The Sojaprotein soybean processing plant of Becej released at the Belgrade Stock Exchange Monday its results for the first quarter of 2016. The plant’s gross earnings rose from RSD 3.2 billion to nearly RSD five million due to a high increase in product sales in the domestic market and a growth in the export of finished products by about RSD one billion.

As for the income earnings from the sale of its goods, they increased to RSD 1.4 billion dinars, primarily due to a sharp rise in the sale of soybeans amounting to RSD 1.2 billion to associated parties, a report released by the plant said.

As for its expenses, the plant registered the cost of sold goods of RSD 1.4 billion, this being the chief reason for a sharp rise in its operating expenses of 67 percent per annum to RSD 4.7 billion. The rise in the expenses triggered a drop from RSD 355 million to RSD 276 million in operating profit (EBIT) of the leading soybean processing plant in the Balkans.

The losses caused by negative exchange rate differences exceeded RSD 100 million in the first quarter of 2016, being almost four times higher compared to the same period of 2015. This resulted in a considerable drop in the net profit of 79 percent per annum to RSD 98.3 million.