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Bosnia's RiTE Gacko net profit plunges in Jan-March

Bosnia's RiTE Gacko net profit plunges in Jan-March Author: Alessandro Giangiulio Licence: Creative Commons Attribution 2.0 Generic

SARAJEVO (Bosnia and Herzegovina), May 18 (SeeNews) - Bosnian coal mining and energy company RiTE Gacko [BANJ:RITE-R-A] said on Wednesday its net profit fell to 337,160 marka ($181,400/172,400 euro) in the first quarter of 2022, from 5.6 million marka generated in the same period a year earlier.

Operating income increased by 30.3% on the year to 37.1 million marka in January-March, while operating costs rose 60.8% to 36.8 million marka, RiTE Gacko said in a filing with the Banja Luka Stock Exchange.

RiTE Gacko is located in the southern part of the Serb Republic, one of Bosnia's two entities. The other one is the Federation.

The Gacko power plant is one of the two coal-fired power plants operating in the Serb Republic. The other plant is part of the Ugljevik coal mining and power generation company located in northeastern Bosnia.

The company's shares last traded on the BLSE on May 10, closing 6.67% lower at 0.028 marka.

(1 euro = 1.95583 marka)

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