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Lukoil swings to profit in Serbia in 2016

Lukoil swung to a $7.56 million net profit in Serbia in 2016.

Lukoil swings to profit in Serbia in 2016

The Serbian unit of Russia's Lukoil has said it swung to a 800.3 million dinars ($7.56 mln) net profit in Serbia in 2016 from a loss of 1.095 bln dinars a year earlier, serbian Seenews reported on July 7, 2017.

The company will use the profit to partially cover the loss of 16.856 billion dinars accumulated in the period between 2013 and 2015, Lukoil Srbija said in a filing with the Belgrade Stock Exchange.

The loss of Lukoil in Serbia amounted to 2.238 billion dinars and 13.523 billion dinars in 2013 and 2014, respectively, the company said.

In January, former Serbian prime minister and incumbent president Aleksandar Vucic said the country had settled the debt of state-оwned petrochemicals producer HIP Petrohemija to Lukoil and hopes for further cooperation with the Russian company.

Lukoil Srbija has a staff of about 150 employees with additional 700 in the partner - dealer network.

The company operates 114 filling stations across Serbia, according to data from the corporate website.

The Russian company set foot in Serbia in 2003 when it acquired a 79.5% stake in fuel distributor Beopetrol for $133.2 million.

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