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Bosnian oil refinery Modrica turns to net loss in Q3

Bosnian oil refinery Modrica turns to net loss in Q3 Ken Teegardin/CC BY-SA 2.0

SARAJEVO (Bosnia and Herzegovina), October 25 (SeeNews) - Bosnian oil refinery Modrica [BANJ:RFUM-R-A] said on Friday it swung to a net loss of 2.4 million marka ($1.4 million/1.2 million euro) in the first nine months of 2019, from a profit of 2.3 million marka in the like period of last year.

Operating income plummeted 45.4% on the year to 10 million marka in the nine months through September, while operating costs went down 22.2% to 12.5 million marka, Modrica said in a financial statement filed with the Banja Luka Stock Exchange (BLSE).

Rafinerija Ulja Modrica produces motor and industrial oils, lubricants and paraffin.

Russian state-owned oil firm Zarubezhneft, via its subsidiary Neftegazinkor, owns 75.65% of Modrica. The remainder is held by smaller shareholders.

(1 euro = 1.95583 marka)

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