TETO: TETO sugar factory ends 1H with positive results but its future remains uncertain

Sugar producer TE-TO Senta (TETO) ended 1H 2016 with RSD 2.7bn in sales, down 3.2% y/y, while its operating profit for the period arrived at RSD 235.7m, which is better vs. RSD 122.2m loss from a year ago.

Net income from 1H16 arrived at RSD 190.8m, while a year ago the company faced a loss of RSD 237.8m. The company’s accounts are, however, blocked at the moment due to the unclear status of ownership. Namely, former majority owner SFIR, left the company, while Suonoko as a buyer of its stake was disabled to start managing, due to blockade from Antimonopoly Commission. Recently, Sunoko was finally allowed to take over TETO, while at the same time Sunoko is to be acquired by Austrian Agrana.

Source: Wisebroker

Fabrika Šećera TE-TO Senta

SFIR-Italija

Sunoko d.o.o. Novi Sad

Komisija za zaštitu konkurencije Srbije

Agrana Novo Društvo d.o.o. Beograd

sugar factory TE TO Senta

SFIR Italy

Sunoko

Miodrag Kostic

Commission for Protection of Competition

Agrana

TE TO Senta profit

TE TO Senta income