Loss of NIS of RSD 4,7 billion due to exchange rate differences

(Photo: nis.rs)

In the first quarter this year, the Oil Industry of Serbia (NIS) generated net loss of RSD 4,7 billion due to negative exchange rate differences and usage of expensive oil reserves which was purchased at higher prices, NIS has announced today.

As a consequence of unfavorable macro-economic trends, EBITDA (profit before tax) in Q1 2015, totaled RSD 7,2 billion which is 53% less than in the same period last year.

NIS investments in the first three months 2015, totaled a bit more than RSD 7 billion and most of it was invested in exploration and oil and gas production, processing capacities modernization and retail network development.

NIS signed contract with CB&I for building of base and expanded base project for Deep processing and during January, overhaul of facility Bitumen at the Oil Refinery Pancevo was completed.

Comenting NIS business results in Q1 2015, GM at NIS, Kiril Kravchenko said that last year crisis was transferred to the first months 2015 and they were expected.