Sojaprotein Posts Profit as Dinar OutWeighs Sales DropMisha Savic
Sojaprotein AD, the biggest soy bean processor in the Balkans, returned to profit in the first three months as the stronger dinar outweighed plummeting sales.
The company, located 100 kilometers (62 miles) north of Belgrade, reported a net income of 14.27 million dinars ($11.6 million) after a 181 million-dinar loss a year earlier, according to its regulatory filing to the Belgrade Stock Exchange. Sales fell 45 percent to 1.58 billion dinars, causing an operating loss of 168.6 million dinars, compared with a 118.8 million dinar operating profit a year earlier.
“Sales are surprisingly low, particularly because they increased production of higher-value products for human consumption,” said Milos Bijanic, a financial analyst at Belgrade-based brokerage Sinteza Invest Group.
Sojaprotein, majority owned by Victoria Group AD, moved toward higher-value products last year with a new factory to produce an annual 70,000 tons of soy protein concentrates.