October 28 (SeeNews) - Bosnian oil refinery Modrica [BANJ:RFUM-R-A] said on Tuesday it turned to a net profit of 595,901 marka ($386,000/305,000 euro) in the first nine months of 2014 from a net loss of 3.7 million marka a year earlier.
Total income fell to 38.9 million marka through September from 45.7 million a year ago, while total costs fell by 22% to 38.3 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)