Despite very good business results, Atlantska plovidba, as the most liquid stock, could not avoid negative market sentiments, which today again followed signals from around the world. The stock index weakened by 5.05 percent with a total turnover of 53 million kuna.
Crobex ended the day at 2,196 points with only 11 stocks having million kuna turnover. The most liquid was the stock of Atlantska plovidba with 12.6 million kuna turnover and a price drop of as much as 10.11 percent. At the end of the day, this Dubrovnik shipping company also published its quarterly report, which truly does not justify such a drop. Although foreign companies in the sector have recorded similar price drops this year, at this moment their indicators do not justify it. However, the fact is that the BDI index has lost more than 90 percent of its value and that the future forecasts for the sector are currently somewhat catastrophic, so investors seem to anticipate a crisis and price punish both domestic and foreign shipowners.
Atlantska recorded total revenues of 1.6 billion kuna (+60 percent compared to the same period in 2007) and a profit of 719 million kuna (+435 percent) in the third quarter, while expenses slightly increased from 825 to 879 million kuna. During the same period, the company reduced the share of short-term liabilities by almost 50 percent, while long-term liabilities increased by about fifteen percent. Half of the total profit relates to the sale of ships, and since there has not been a significant increase in debt, it can be considered that by purchasing new and selling old ships, the company only profited, but investors clearly do not look only at business results when valuing Atlantska, but also other domestic stocks.
The second most liquid was the stock of HT with eight million kuna turnover and a price drop of 3.77 percent. This company also published business results today, in which it recorded a slight decline in profit. As in previous days when the entire market was in decline, construction stocks, as the most liquid, were the most price punished. IGH is down 7.83 percent (4 million kuna turnover), Dalekovod down 8.06 percent (3.4 million kuna turnover), and Ingra down 9.68 percent (2.9 million kuna turnover). The preferred stock of Adrisa traded at 2.5 million kuna with a price drop of 5.69 percent. The stock of Ina collected 2.1 million kuna turnover with a price drop of 6.44 percent. The stock of Ericsson Nikola Tesla had a turnover of just a few tens of thousands of kuna less, recording a price drop of 5.25 percent. The stock of Končar traded at one million kuna, and the price fell by 6.14 percent.
