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Bosnian oil refinery Modrica swings to net loss in H1

Bosnian oil refinery Modrica swings to net loss in H1 wrangler/Shutterstock.com

BANJA LUKA (Bosnia and Herzegovina), July 17 (SeeNews) - Bosnian oil refinery Modrica [BANJ:RFUM-R-A] said on Wednesday it swung to a net loss of 1.5 million marka ($888,056/791,462 euro) in the first half of 2019, from a net profit of 1.6 million marka in the like period a year earlier.

Operating income plummeted 45.3% year-on-year to 6.9 million marka in the six months through June, while operating costs dropped 22.4% to 8.6 million marka, Modrica said in a financial statement filed with the Banja Luka Stock Exchange.

The Modrica refinery produces motor and industrial oils, lubricants and paraffin.

Russian state-owned oil firm Zarubezhneft, via its subsidiary Neftegazinkor, owns 75.65% of Modrica. The remaining shares are held by companies and private investment funds.

(1 euro = 1.95583 Bosnian marka)

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