Carnex's revenue stagnated in 2010 - Profit of RSD 238 million

Vrbas-based meat-packing industry Carnex registered a RSD 5.38 billion business revenue in 2010, 0.9% less than in 2009.

Ever since it operates under the control of the London investment fund Ashmore, Carnex has mainly been reporting revenues of the size similar to the one registered last year, while the size of profit is always different. Last year Carnex turned the business profit of RSD 298.7 million (46% higher than in 2009), while the net profit was 34.4% higher than in 2009 and amounted to RSD 237.8 million.

At the end of the last year, Carnex significantly increased long-term provisions and obligations from 1.3 to 1.87 billion dinars. In addition, long-term obligations remained at low level (RSD 130.9 million), while short-term obligations grew by 44.9%, reaching RSD 1.58 billion.

Last year, Carnex was several times in the focus of public attention after media speculations that it would be taken over by Croatia's Agrokor and Novi Sad-based MK Group. These companies later denied these speculations and Carnex Director General Hugh McReynolds announced in early 2011 that the sale of Carnex was not going to happen soon because the majority owner was still willing to invest in the company.

Since the beginning of the year, the shares of Carnex on the Belgrade Stock Exchange have lost 21.2% in value. With the latest price of RSD 1,300 per share, the company's market capitalization amounts to 2.12 billion dinars (20.5 million euros).