June 20 (SeeNews) - Bosnian power utility Elektroprivreda HZHB [SAJ:JPEMR] said it will use most of its 2018 net profit to cover loss accumulated in previous years.
Last year, the company's net profit soared to 16.6 million marka ($9.9 million/8.5 million euro) from just 237,441 marka in 2017.
The shareholders of Elektroprivreda HZHB decided at meeting on June 19 to use 80% of last year's profit to the covering of accumulated loss and allocate the remaining 20% to reserves, the company said in a statement on Wednesday.
It also said it produced 2,088.34 GWh of electricity in 2018 thanks to favourable hydrologic conditions and optimal working state of all hydro power capacities.
Elektroprivreda HZHB's loss accumulated in previous years stood at 95 million marka at the end of 2018, according to the company's financial statements for last year.
Elektroprivreda HZHB is the smallest of Bosnia's three state-owned power utilities. It is based in the Federation entity, which together with the Serb Republic forms Bosnia.
Bosnia's largest power utility is Elektroprivreda BiH, also based in the Federation. Elektroprivreda RS is the power utility of the Serb Republic.
(1 euro = 1.95583 marka)