Hellenic Sugar Industry’s Serbia units return to profitability

Hellenic Sugar Industry SA said its two production units in Serbia (Crvenka and Sajkaska) recorded accumulated net after tax profits of 22.9 million euros and EBITDA of 26.4 million euros, while for the current year EBITDA expected to surpass 35 million euros and EBIT to reach 31 million euros.

“The Group’s subsidiaries in Serbia will bring more than 50 million euros in profits in the 2016-2017 period, the heads of Sajkaska, Christos Rossios, and Crvenka, Pantelis Manis, told ANA on Friday, adding that they will officially submit their resignations to Hellenic Sugar Industry chairman, Antonis Chatzidiamantis, on Monday. They noted that the two factories in Serbia were loss-making in the previous two years when they took over and that talks were underway at the time to stop operations in one of the two factories in 2016 as it happened in 2015.