Bosnian lube company reports profits in 2010

Bosnian lubricants company Rafinerija Ulja Modrica has reported a net profit of 20,994 marka (US$15,571) in 2010, compared to a net loss of 3.05 million marka (US$2.2 million) a year ago. According to a financial statement filed with the Banja Luka Stock Exchange, total income for the company increased to 62.62 million marka (US$46.43 million) in 2010. Zarubezhneft, the Russian state-owned oil firm, owns 75.65% of the Bosnian oil refinery. Rafinerija Ulja Modrica produces automotive and industrial oils and paraffin. (March 9, 2011)