Tigar's consolidated revenue larger by 14.4% - Net profit in H1 2011 at RSD 60 million

According to the data from the recently published consolidated financial report, Pirot-based Tigar holding, of which operations are dominated by three business entities: Obuca (Footwear), Tehnicka Guma (Technical Tire), and Hemijski Proizvodi (Chemical Products), resumed its business growth in the first half of this year.

Tigar registered a consolidated business revenue of RSD 2.5 billion in the first six months, 14.4% more than in the same period last year. However, due to a quicker growth of expenses, the business profit in this period amounted to RSD 44 million, dropping from RSD 77.5 million in the first six months of 2010. High financial revenues affected the company's final results so that the net profit grew close to RSD 60 million, rising by 54% compared to the same period in 2010.

A large debt remains Tigar's main problem after the first half of this year. The company's long-term and short-term liabilities at the end of June amounted to RSD 1.83 billion and RSD 3.1 billion, respectively.

The main company within Tigar holding - Obuca, registered a significant sales growth in the first six months of 2011. Tigar Obuca's business revenue exceeded RSD 1 billion (47.8% larger than in the same period last year), whereas the net profit amounted to RSD 22.1 million and was five times bigger than in 2010.

Tigar's shares on the Belgrade Stock Exchange have gained 2% in value since the beginning of the year. At the latest price of RSD 714 per share, the company's market capitalization amounts to RSD 1.23 billion (EUR 12.1 million).