NIS turns RSD 27 billion profit in nine months of 2011

The Petroleum Industry of Serbia (NIS) turned a profit of RSD 27.1 million in the first nine months of this year, NIS Director for Economy, Finance and Accounting Aleksey Urusov said Wednesday.

He said at the presentation of the company's business results at the Belgrade Stock Exchange that the company's profit excluding the earnings from exchange rate differences amounted to RSD 22.7 billion, 71 percent more than in the same period in 2010.

Urusov stressed that the profit growth had been achieved thanks to a higher price of oil in the global market, 26% larger oil and gas production in the country, and greater efficiency in operations.

NIS' total debt to banks was cut to RSD 506 million during the first nine months of this year, which is 105 million dinars less than at the beginning of the year.

The company's investments in 2011 amounted to RSD 16.3 billion, 4.5 billion dinars of which were provided from the company's sources.