July 31 (SeeNews) - Bosnian oil refinery Modrica [BANJ:RFUM-R-A] said on Thursday its net loss widened to 4.0 million marka ($2.8 million/2.0 million euro) in the first half of 2014 from 3.6 million marka a year earlier.
Total income fell to 24.5 million marka through June from 28.6 million a year ago, while total costs decreased by 12% to 28.5 million marka, Modrica said in a financial statement filed with the Banja Luka Stock Exchange.
Rafinerija Ulja Modrica (www.modricaoil.com) is located in the northern part of the Serb Republic, which together with the Muslim-Croat Federation forms Bosnia and Herzegovina. The refinery produces motor and industrial oils, lubricants and paraffin.
Russian state-owned oil firm Zarubezhneft, via its subsidiary Neftegazinkor, owns 75.65% of Modrica. The remaining shares are in the hands of firms and private investment funds.
(1 euro = 1.95583 Bosnian marka)