BANJA LUKA (Bosnia and Herzegovina), March 2 (SeeNews) – Bosnian coal miner and energy producer RiTE Ugljevik [BANJ:RTEU-R-A] said on Thursday it turned to a net profit of 2.8 million marka ($1.5 million/1.4 million euro) in 2016, from a net loss of 18.2 million marka a year earlier.
Total revenues increased 3% to 145.9 million marka last year, while total costs edged up 1% to 142.9 million marka, RiTE Ugljevik said in an income statement filed with the Banja Luka Stock Exchange.
The company added that it produced 1.7 million MWh of electricity in 2016, in line with its plan, while coal production exceeded plan by 7% and amounted to 2 million t.
The coal mine and the adjacent power plant are located in the northeastern part of the Serb Republic, which together with the Federation makes up Bosnia and Herzegovina.
(1 euro = 1.95583 Bosnian marka)