BELGRADE (Serbia), November 12 (SeeNews) – Serbian blue-chip soybean producer Sojaprotein A.D. said it sees its net profit rising to 762.2 million dinars ($12.1 million/8.1 million euro) in the second half of this year from162.8 million dinars in the first half.
As a rule, the sales of soybean products and respectively the company's revenue are the lowest in the first quarter and they traditionally rise with in the following three quarters as demand for these products rises in the confectionery and cattle feed industries, Sojaprotein said in statement to the Belgrade Stock Exchange (BELEX).
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The company, owned by agriculture company Victoria Group, had a revenue of 9.5 billion dinars in the first half of the year, including 4.0 billion dinars in one-off proceeds from the sale of edible oil and seed products, Sojaprotein said in a statement to SeeNews on Thursday. It expects its revenue to drop to 6.6 billion dinars in the second half of the year in the absence of such one-off proceeds.
The company transferred its sales of edible oil and seed products to the Victoria Logistics firm within Victoria Group at the beginning of the year. The proceeds from these sales will not be included in Sojaprotein's revenue for the second half of 2009.
Sojaprotein shares closed 0.57% higher at 1,056 dinars on Thursday. The company is based in the town of Becej, in the northern province of Vojvodina.
(1 euro=94.3661 Serbian dinars)