Belgrade Airport (AERO)

​Belgrade Airport (AERO) reported RSD 2.4bn in 9M 2016 profit, up 13.3% y/y, on lower tax expenses, while pre-tax profit for 9M16 is actually down 5.7% y/y on higher negative other result, which was partly influenced by smaller amount of write-offs (RSD 204.1m). The company’s sales came in at RSD 6.5bn, up 4.5% y/y, while operating profit was down 4.5%, on lower margin, which, however, is still huge. Namely, operating profit margin in 9M16 is down to 45%, versus 49.3% from 9M15, mainly on hi...