Energoprojekt Holding AD (ENHL), a Serbian construction and energy company, said its net income increased more than tenfold in the first three months, because of positive exchange rates.
The Belgrade-based group reported a 157.3 million-dinar ($1.8 million) net income, after 13.3 million dinars a year earlier, as it took advantage of its foreign operations in 19 countries where it is paid in dollars or euros, while the dinar lost 6.4 percent over the period, it said in a regulatory filing.
The net currency effect was 132 million dinars, which helped compensate for a fall in the operating profit to 13.64 million dinars from 23.9 million dinars a year ago, according to the report. First-quarter pretax profit was 162.56 million dinars from 14.77 million dinars a year ago.
Energoprojekt’s shares rose 0.2 percent in Belgrade today, to 451 dinars.
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