En­ergy com­pa­nies post hefti­est losses in SEE, paced by Sr­bi­ja­gas

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En­ergy com­pa­nies con­tin­ued to dom­i­nate the 2013 SEE money losers rank­ing with 13 rep­re­sen­ta­tives, un­changed from a year ear­lier. Ser­bian state-owned gas mo­nop­oly Sr­bi­ja­gas re­mained the biggest money loser in the re­gion, its loss widen­ing to 434.9 mil­lion euro. For a sec­ond year in a row Ser­bian sta­te­owned gas mo­nop­oly Sr­bi­ja­gas topped the 2013 SEE money losers rank­ing, its net loss swelling to a stag­ger­ing 434.9 mil­lion euro from 324 mil­lion euro a year ear­lier. The Ser­bian gov­ern­ment's de­ci­sion to keep gas prices low and its un­will­ing­ness to carry out a much-needed re­struc­tur­ing of the com­pany are the main rea­sons for its dire state.

A to­tal of 13 en­ergy com­pa­nies were in­cluded in the 2013 rank­ing, af­ter book­ing a to­tal of 1.55 bil­lion euro in net loss.

Croa­t­ian oil and gas com­pany INA which turned to a net loss of 213.8 mil­lion euro in 2013 from a net profit of 175.3 mil­lion euro the pre­vi­ous year, was one of the new en­trants in the rank­ing, land­ing straight at the sec­ond place. The com­pany has said its 2013 results were heav­ily im­pacted by ex­ter­nal and spe­cial fac­tors. In view of the pro­longed po­lit­i­cal and se­cu­rity risks in Syria, it ad­justed the value of its Syr­ian as­sets, which cut its op­er­at­ing results.

The other Croa­t­ian en­trant in the rank­ing, at num­ber 7, was INA's gas trad­ing arm Prirodni Plin, which cut its net loss to 105.1 mil­lion euro from 137 mil­lion euro. Ro­ma­nia's Petro­tel, a re­fin­ery owned by Lukoil En­ergy&Gas Ro­ma­nia, took the third place in the rank­ing. Its net loss widened to 207.1 mil­lion euro in 2013 from 61.9 mil­lion euro a year ear­lier.

Rep­re­se­n­a­tives of the oil and gas sec­tor have said de­pressed de­mand and, in the case of Ro­ma­nia, an in­creased fis­cal bur­den, have im­pacted neg­a­tively their per­for­mance.

Ro­ma­nian steel mill Arcelormit­tal Galati ranked fourth as it booked a net loss of 165.4 mil­lion euro in 2013 ver­sus a net loss of 52.2 mil­lion euro the pre­vi­ous year. The com­pany was one of the two rep­re­sen­ta­tives of the me­tals in­dus­try, the other one be­ing Ro­ma­nian alu­minium smelter Alro.

Ro­ma­nia, which had the high­est num­ber of rep­re­sen­ta­tives in the SEE 2013 most prof­itable com­pa­nies rank­ing, dom­i­nated the biggest losers rank­ing, as well, with seven en­trants. Bul­garia had four en­trants in the rank­ing , all en­ergy com­pa­nies - Lukoil Neftochim Bur­gas, Naf­tex Petrol, Nat­sion­alna Elek­trich­eska Kom­pa­nia and Lukoil-Bul­garia.

Croa­tia and Slove­nia had two rep­re­sen­ta­tives each while Al­ba­nia and Bos­nia and Herze­gov­ina had one com­pany listed in the rank­ing.

A to­tal of five com­pa­nies op­er­at­ing in the re­tail and whole­sale sec­tor made it to the rank­ing.

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