Aviation Institute from Banja Luka marked Deficit of Half a Million BAM

August 15, 2020 4:15 PM

 

Aviation Institute ”Cosmos” from Banja Luka marked a deficit of 500.000 BAM in the first half of the year, and despite the difficulties caused by the coronavirus epidemic, the company management hopes to continue cooperation with Serbia, which should lead them to earnings at the end of the year, Fokus news portal reports.

The director of ”Cosmos”, Dusan Vjestica added that the company also showed losses in the past few years after six months, but the result at the end of the year was always positive.

”The Austrian and German markets are just waking up. We have a contract for third markets through the company Jugoimport SDPR, worth about 1.5 million BAM, which could not be realized in the previous period due to the coronavirus situation. The third thing that affected the negative business is the agreement with Serbia, which was agreed but not yet signed due to the pandemic, so in the next ten days we expect it to be solved,” explained Vjestica, adding that this company is working on air defense systems for Serbia, which is the main activity of ”Cosmos”, and that the value of these contracts is about 2.2 million BAM per year.

Besides, he added, ”Cosmos” is ready for further realization of the business with the Russian company Kret as well.

”We have made prototypes of filters for purification and we have resolved technical issues. What we are missing is their software, and the Russians are now prevented from coming, so that is why this process is on hold, ” said Vjestica.

When speaking about the decision of the Government of Republika Srpska (RS) to remove the mortgage of the Tax Administration from ”Cosmos”, Vjestica explained that the restructuring plan determined by the District Commercial Court states which facilities and spaces make unpromising property of the company, which includes the old machine-made facility. He added that according to the decision of the Court, the Investment Development Bank (IDB) and the Tax Administration of RS have a lien until the final payment of receivables, for a debt that appeared many years earlier.

”While resolving the restructuring plan, ‘Cosmos’ is regularly settling its obligations to the IDB under the old loan from the sale of a part of non-perspective assets. By settling our obligations to the Tax Administration, we are currently having several installments, and the decision of the Court allows a mortgagee to withdraw a mortgage in favor of a company at a time when its obligations are regularly settled or are being settled in advance, as we do,” explained Vjestica and added that after selling the property, half of the money will be paid to the IDB, and half will be used by ”Cosmos” for its business.

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