Bosnias Aluminij turns to EUR 614,000 profit in 2011.

By bne IntelliNews February 29, 2012
Mostar-based company Aluminij, Bosnia's sole aluminium smelter, said it turned to a BAM 1.2mn (EUR 614,000) profit in 2011. The company did not specify whether the figure refers to the profit in net terms in a statement on its website. It added it will be allocated the whole profit to its legal reserves fund. Aluminij posted a BAM 13.4mn loss in 2010. In December, the company's general manager, Ivo Bradvica, was quoted as saying by news agency FENA that Aluminij posted a profit of BAM 4.5mn in H1 2011, adding the full-year profit will not be large. Bradvica said the companys output totalled 160,000 tonnes last year and the plans for 2012 envisage the production of the same quantity. He added back then he expects 2012 to be more difficult than 2011. Aluminij signed a EUR 6mn contract with Austria's Hertwich Engineering at the end of last year for the purchase and installation of a new castings line and a new casting furnace. The castings line will manufacture small ingots (6 to 8 kg) under European standards. The company plans to start selling those ingots in January 2013. The deal also involves building a casting furnace that will enable the production of additional 30,000 tonnes of primary aluminium per year.
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