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Oct 17, 2007 18:33 EEST
SARAJEVO (Bosnia and Herzegovina), October 17 (SeeNews) – Bosnia’s biggest engineering company Energoinvest expects its 2007 sales to exceed 200 million euro ($284 million), up from some 160 million euro last year, Energoinvest deputy general manager Ibrahim Bosto said on Wednesday.
“We expect our revenue to increase to over 200 million euro this year […] We plan an average annual rise in the volume of our operations of 7.0%,” Bosto told an international conference organised by Croatian financial group Fima in Sarajevo.
Bosto did not provide any details about the expected net profit of the company this year. Net profit fell to 2.73 million marka ($1.98 million/1.39 million euro) in 2006 from 8.39 million marka the previous year, mainly due to the depreciation of the U.S. dollar, the company said earlier. The Bosnian marka currency is pegged at a fixed exchange rate against the euro under the country's currency board system.
Bosto said Energoinvest had 49% of its international operations in Libya, 27.8% in Algeria and 8.1% in Ethiopia.
The company said earlier it signed several large contracts last year, including one for a 160 million euro transmission line project in Libya and a 10.5 million euro transmission stations project in Macedonia. It has also won several smaller projects in Algeria, Ethiopia, Ireland and Bosnia and a 27.5 million euro power plant renovation deal in Serbia.
“We have recently signed our first contract in Qatar, and we expect soon to sign new contracts in Sudan,” Bosto said without elaborating.
State-controlled Energoinvest is Bosnia's biggest engineering company. It is based in Bosnia's Muslim-Croat Federation, which is one of the two autonomous parts of the war-divided Bosnia. The other is the Serb Republic.
Last October, the Federation government called an international tender to sell its 67% stake in the company valued at 147.9 million marka but cancelled it earlier this year. The remaining 33% stake in of the company is with private shareholders and investment funds.
Energoinvest is Bosnia's fifth-largest exporter. It employs 733.
(1 euro = 1.95583 Bosnian marka)
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