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Dec 27, 2007 16:36 EEST
December 27 (SeeNews) - Bosnia’s biggest engineering company Energoinvest said on Thursday it expected its 2007 profit to be 2.74 million marka ($2.03 million/1.40 million euro), or roughly the same as in 2006, on the back of 319.5 million marka revenue.
State-controlled Energoinvest did not say whether it meant net or pre-tax profit. The company said earlier it made a net profit of 2.73 million marka on revenue of 313.1 million marka in 2006.
On Thursday, Energoinvest said in a statement almost half of its expected 2007 revenue, or some 147 million marka, would come from deals it has signed on foreign markets. It also said it saw its 2008 revenue rising to 384.1 million marka and profit reaching 6.44 million marka.
Bosnian media reported earlier in the day the company has agreed deals with Libya and Algeria for the construction of transmission lines and supply of equipment next year worth a total of 180 million euro ($261 million).
The company’s deputy general manager, Ibrahim Bosto, said in October Energoinvest planned an average annual rise in the volume of operations of 7.0%. He said the company had 49% of its international operations in Libya, 27.8% in Algeria and 8.1% in Ethiopia.
Energoinvest is Bosnia's biggest engineering company. It is based in the Muslim-Croat Federation, which is one of the two autonomous parts of the war-divided country. The other is the Serb Republic.
In October 2006, the Federation government called an international tender to sell its 67% stake in the company valued at 147.9 million marka but cancelled the tender earlier this year. The remaining 33% of the company is with private shareholders and investment funds.
Energoinvest is Bosnia's fifth-largest exporter. It employs 895.
(1 euro = 1.95583 Bosnian marka)
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