NIS expects to turn profit

Belgrade, June, 02. 2010 (Serbia Today) – Serbian Oil Industry (NIS) according to the company's General Director Kirill Kravchenko expects that it will turn a profit in 2010 – for the first time in the past several years. Kravchenko told a company monthly that current cost cuts, changes in product assortment, processing and sales structure should play a key role in achieving that goal. “During last year we managed to halt the tendency of loss of growth. From February until December 2009, the NIS net profit was RSD 2.7bn (some EUR 26mn) ”Kravchenko said.  Kravchenko said he regretted the fact that NIS failed to compensate for losses created in the first trimester of 2009 which resulted from the global financial crisis, so that loss was recorded at the end of last year.