Bosnian power company Ugljevik swings to EUR 0.3mn loss in Q1.

By bne IntelliNews May 16, 2011
Bosnian energy company Ugljevik (RiTE Ugljevik) posted a loss of KM 0.6mn (EUR 0.3mn) in Q1 2011 after a net profit of KM 1.5mn a year ago, according to the company's preliminary results filed with the Banja Luka Stock Exchange. Coal mining and thermoelectric power plant operator Ugljevik is owned by power group Elektroprivreda RS. The company's total revenues increased by 6.1% y/y to KM 30mn, but overall costs soared by 14.1% y/y. The total assets declined by 0.9% ytd to KM 471.9mn as at end-March, while its share capital remained unchanged at KM 256mn. The companys overall debts decreased by 6.1% against the end of 2010 to KM 46.8mn at the end of March on the back of decreasing both long- and short-term obligations. RiTE Ugljevik accounts for nearly a third of the electricity production in the Serb entity.
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