Consolidated operating profit of Tigar RSD 50 million

The Tigar Corporation had consolidated EBIT of RSD 50,2 million (EUR 406,000) in the first half of 2016, compared to RSD 7.2 million in the corresponding period of 2015, the Pirot-based company reported.

In the first six months, EBITDA were RSD 131 million (EUR 1.06 million), compared to last year's RSD 101 million.

Revenues in the first half of 2016 exceeded a billion dinars and were 15% higher than in the corresponding period of 2015, when they amounted to RSD 889 million.

– Although significant EBITDA were made in the first half, around RSD 21.8 million a month on average, Tigar's operations are still hampered by considerable liabilities from previous periods, which also have a significant impact on the company's liquidity – says Branislav Curic, director general of Tigar.

According to him, the companies pre-2013 liabilities towards banks and other creditors amounted to around RSD 30 million a month. He adds that there had nevertheless been an improvement in net results and that the net loss in the first six months of 2016 had been reduced from the previous year's RSD 239 million to RSD 161 million.

Curic also pointed out that a new 1,780 m2 facility for the production of rubber compounds, worth EUR 1.17 million, had been put into operation in the observed period.

He said that, according to the official announcement by the European Commission, Serbia, that is, Tigar AD, had placed second on the list of rubber footwear exporters in the EU, right behind a Chinese manufacturer. The company exported goods worth more then EUR 4 million from January till July.

Tigar a.d. Pirot

Tigar Pirot

Tigar operational results

Branislav Curic

export of rubber footwear from Serbia