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Low oil prices continue to burden NIS in 2Q 2015

In the first half of 2015 NIS realized profit of RSD 5 billion, a drop of 71% compared to the same period of 2014. However, this result was due to a significant loss in the first quarter, as in the second was achieved net income of 9.6 billion, an increase of 15%. EBITDA (Earnings before interest, taxes, depreciation and amortization), declined by 32% to 21 billion dinars in 1H 2015 vs. 1H 2014, but in 2Q almost doubled compared to 1Q 7,2 bn RSD, thanks to savings and operating efficiency. Decline in total revenues (-16%) to 103.4 billion dinars for 6M 2015 and for 2Q to 57bn from 66bn dinars in 2Q 2014 are worry. The reasons for this lie in the same factors as for the 1Q 2015 fall - lower oil prices, which offset the increase in turnover, as well as foreign exchange losses. Although dinar / dollar situation in the second quarter of the year improved and was seen a stabilization, a huge loss in the first quarter was not compensated, thus this position remain negative in 6M 2015.

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Regional News

Fraport buys 75,5% of Ljubljana airport (LJE: AELG) for 177m EUR

Germany's Fraport AG said on Friday it has reached an agreement with a consortium headed by Slovenian state holding firm SDH for the purchase of a stake in the operator of the Ljubljana airport for 177.1 million euro ($229.3 million).

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