October 27 (SeeNews) - Bosnian oil refinery Modrica [BANJ:RFUM-R-A] said on Thursday its net profit dropped to 31,200 marka ($17,400/16,000 euro) in the first nine months of 2016, from 909,300 marka a year earlier.
Operating income fell by an annual 11.7% to 21.3 million marka in the nine months through September, while operating costs declined 20.5% to 18.3 million marka, Modrica said in its interim financial statement filed with the Banja Luka Stock Exchange.
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.
(1 euro=1.95583 marka)