Senta based TE-TO surpassed Greek Sugar Plants - 15 million EUR profit

Senta based Sugar Plant TE-TO made last year a record operating result since it has been present on the domestic market, and for the first time it surpassed the net profits of its major competitors in Serbia.

The net result of this Sugar Plant, which operates under the control of Italian SFIR, amounted to 1.5 billion dinars, which is six times more than the amount in 2010.

Significantly better final results were largely supported with the high operating income as a consequence of an increase in stock value during the last year.

Operating revenue of Senta based Sugar Plant in 2011, amounted to 8.3 billion dinars, which is a jump of 35 percent, while sales revenue rose slightly to 7.3 billion dinars. The biggest difference was made by the stocks amounted to nearly one billion dinars and were the key factor to contribute to the high gain of two billion dinars.

Last year, there were speculations in the media about the possible sale of the Sugar Plant, and these claims were heated up by the company itself, which had paid a significant amount of the dividend to the shareholders for the first time.

The shares of Senta based Sugar PLant on the Belgrade Stock Exchange are presently on the level of 4440 dinars, equivalent to a market capitalization of the company in the amount of 1.8 billion dinars (15.9 million EUR).