SARAJEVO (Bosnia and Herzegovina), August 29 (SeeNews) – Bosnian majority government-owned arms maker Igman Konjic said on Wednesday its net profit rose to 6.9 million marka ($4.1 million/3.5 million euro) in the first six months of 2018 from 6.0 million marka a year earlier.
Operating income edged down to 44.0 million marka in the six months through June from 44.2 million marka a year earlier, while operating costs increased to 41.7 million marka from 39.2 million marka, the company said in a filing with the Sarajevo Stock Exchange.
The government owns a 51% stake in Igman, while the remainder is controlled by investment funds and individual shareholders.
In 2017, Bosnia and Herzegovina exported arms and ammunition worth 193.9 million marka, up 13.3% on the year. The biggest market for exports was Saudi Arabia, followed by Afghanistan, the U.S., Turkey, Egypt, UAE, Serbia, Morocco, Germany and Croatia.
The strongest concentration of arms-making companies in Bosnia is in the Federation - one of two entities that make up Bosnia and Herzegovina. The other is the Serb Republic.
(1 euro=1.95583 marka)