November 16 (SeeNews) - Serbian blue-chip rubber and chemicals group Tigar Corporation on Monday said it posted 51 million dinars ($811,107/542,311 euro) in consolidated net profit for the first nine months of the year but provided no comparative figures.
The group's Board of Directors has approved a buyback programme for up to 5.0% of its shares after an analysis showed it is facing capital market trends, affecting negatively its market value, Tigar Corporation said in a filing to the Belgrade bourse.
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Tigar dropped 3.31% to 817 dinars on the bourse on Monday in a volume of 270 stocks.
Tigar Corporation reported a consolidated net profit of 812 million dinars in the first nine months of 2008.
Consolidated operating income totalled 2.54 billion dinars through September with operating costs at 2.68 billion dinars, the statement said.
The company's net profit was 113 million dinars through June.
Tigar Corporation said in January 2008 it would gradually exit its tyres unit, Tigar Tyres, by 2010, selling its 30% stake to French tyre manufacturer Michelin who, at the time, owned 70%.
The Serbian company planned to divest its stake in equal annual instalments over the three-year period.
On Monday Tigar said Michelin will exercise its third put option in December and pay for it by December 20, 2009, or three months early. Tigar said the move will not affect the agreed price.
(1 euro=94.042 Serbian dinars)