Serbian oil and gas company NIS, said on
Monday it recorded a consolidated net loss of 4.7 billion dinars ($43.5
million/39 million euro) in the first quarter of 2015 on the back of
unfavourable macroeconomic trends.
Last year, the company recorded a
consolidated net profit of 8.6 billion dinars in the three months through
March.
The company's total investments in the first quarter of the year
totalled just over 7 billion dinars, with the highest proportion of investments
going into exploration and production activities, modernization of processing
capacity, as well as in the development of the retail network, the company said
in a statement.
"The crisis from the previous year has also been
reflected in the first months of 2015, and these results were expected. Our main
task is to increase operational efficiency and implement a program for savings
in all business areas," NIS CEO Kiril Kravchenko said in the
statement.
The company's consolidated net profit fell 42% to 27.8 billion
dinars in 2014.
NIS is one of the largest vertically integrated oil and
gas companies in Southeast Europe. Its main activities include the exploration,
production and processing of oil and gas, as well as the production and retail
trade with a wide range of petroleum products.