Bosnian energy companies, wrong calculations of revenue, profits and losses

, SEE Energy News

Revenue of Electric Power Industry of BH is almost a billion marks, while the profit is only 1.5 million. Adopting a report on the operations of companies in the field of energy in 2011 in which the Ministry of Energy, Mining and Industry achieves control over the basis of the state capital, the Federal Government commissioned this ministry to continue to monitor and analyze the situation and, if necessary, to propose the necessary measures and activities.

Huge income

Public company Electric Power Industry of BH Sarajevo had total revenue of 958.5 million convertible marks in 2011. With total costs and expenses of 957 million marks, the profit was 1.5 million.

Electric Power Industry of CC HB Mostar ended 2011 with a loss of 14,994.675 CM, which will be covered from undistributed profits from previous years (8,381.338 marks) and reserves of the Company (6,613.337 marks). This year EPICCHB will have a far greater loss than last year. Several months ago, the company was operating with a loss of about 30 million marks, and it is certain that by the end of the year the situation will be even worse. Although in the past year BH Gas had total revenue of 206,053.000 marks, which is 35 percent more than in 2010, and 19 percent more than planned. In 2011 a loss 1,667.000 CM was reported. Also, the total expenditure of 207,720,000 CM increased by 33 percent compared to the previous year, and 21 percent more than planned.

Energopetrol Sarajevo had total revenue of 265,177.553,05 marks last year, which is four percent more than in 2010, and 12 percent less than planned. Total expenses amounted to CM 296,665.533,72 (11 percent higher than in 2010, and five percent less than planned). In 2011 a net loss of 31,487.980,67 marks was reported. As a result of many years of doing business with losses, on December 31, 2011, the company had losses that exceeded the capital 43,108.000 KM. The report of the Federal Ministry of Energy, Mining and Industry Federation did not cover Terminals Ltd. Sarajevo since the Assembly of the company has not been held before the completion of the report.

Source Serbia Energy Magazine