Bosnias alumina plant Birac Q1 net loss halves.

By bne IntelliNews May 4, 2012
Bosnias alumina plant Birac said its first-quarter net loss dropped to BAM 416,000 (EUR) from BAM 922,000 in January-March 2011. The companys total revenue declined to BAM 9.66mn in the first three months of the current year from BAM 12.8mn in the like period of 2011, it said in its financial statement filed with the Banja Luka bourse. Biracs total expenditure also decreased over the period to BAM 10mn from BAM 13.7mn in Jan-March 2011. Birac is Bosnias sole alumina plant. It is based in the eastern town of Zvornik in the Serb Republic. The Republic makes up Bosnia together with the Muslim-Croat Federation. Lithuanian investment group Ukio Banko owns 56.8% in the alumina plant, while the remainder belongs to smaller shareholders. Ukio Banko bought a majority stake in Birac from the Republics government in 2003 and invested EUR 32mn in the following three years in modernising the plant and raising its production.

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