Bosnia's hydropower company Vrbas Q1 net profit down by 87.3% y/y.

By bne IntelliNews May 4, 2011
Serb Republic hydropower company Hidroelektrane na Vrbas said its net profit dropped by 87.3% y/y to KM 0.18mn (EUR 0.09mn) in Q1 2011, the companys preliminary financial results, posted on the Banja Luka Stock Exchange website, showed. The revenues decreased by 31.1% y/y to KM 3.4mn and overall costs were down by 7.5% y/y to KM 3.2mn. Vrbas' total assets decreased by 0.1% ytd to KM 267.8mn at end-March, while its share capital remained unchanged at KM 102.4mn. The company's long-term obligations increased by 1% since the beginning of the year to KM 5.5mn at end-March, while its short-term debt decreased 24.5% ytd to KM 1.4mn. Hidroelektrane na Vrbas operates three hydropower plants on the Vrbas River with a combined installed capacity of 188MW and an average production of 414.5GWh of electricity per year. The company is a unit of power utility Elektroprivreda RS.
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