Bosnia's largest brewer Banjalucka Pivara has reported a huge increase in its first half losses.

The brewer, which is based in the Serbian side of the country, yesterday (21 August) reported a first-half loss of BAM5.7m (US$3.7m). In the same period a year ago, the company posted a loss of BAM455,117. First half revenues totalled BAM12.5m, down from BAM15.8m.

In December, London-based Altima Partners LLP bought the state-owned stake of 53.81% in the brewery for BAM23m.