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Tigar Pirot Q2 loss narrows YOY

Akcionarsko drustvo Tigar Pirot said its normalized net income for the second quarter was a loss of 26.79 Serbian dinars per share, compared with a loss of 44.07 dinars per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 46.0 million dinars, compared with a loss of 75.7 million dinars in the prior-year period.

The normalized profit margin increased to negative 8.9% from negative 12.0% in the year-earlier period.

Total revenue increased 6.7% on an annual basis to 671.3 million dinars from 628.9 million dinars, and total operating expenses grew on an annual basis to 668.6 million dinars from 647.2 million dinars.

Reported net income totaled a loss of 79.6 million dinars, or a loss of 46.34 dinars per share, compared to a loss of 128.5 million dinars, or a loss of 74.79 dinars per share, in the year-earlier period.

As of Aug. 17, US$1 was equivalent to 109.44 Serbian dinars.