Aggregated numbers for BELEX15 members showed that 1H 2016 delivered drop in sales by 12.2% y/y, while aggregated net profit was reduced by 36.2% y/y. This is due to several unfavorable factors such drop in crude oil prices, drop in interest income at banks and lower level of infrastructural works.NIS
(NIIS) remains a member with the highest weight at index but its contribution to overall revenues is now at 57%. Apart from NIS, which faced 21.35 drop in sales, Energoprojekt
(ENHL) and Tehnogas (TGAS) also delivered lower amount of revenues, 9.8% and 4%, respectively. Banks also saw drop in revenues – Komercijalna (KMBN) and AIK (AIKB), 9.7% and 7.4% respectively. Aggregated profit at BELEX15 was down to RSD 8.4bn, due to drop in profit at NIS (36.4%), loss at Komercijalna (RSD 2.6bn) and 92.7% decrease in net profit at Sojaprotein
(SJPT). Solid expansion at both revenues and net profit was seen at Metalac (MTLC), plus 19.2% and 33.9% y/y, respectively, while major increase only at net profit was seen at Tehnogas (+64.4%) and AIK Banka
(+61%). Belgrade Airport (AERO) delivered improved operating performances but its net income was down 37.2% y/y due to high amount of one-off gain from 1H 2015.