Banjalucka Pivara has reported a return to profit in 2013 after “many years of losses”.

The brewer, the largest in Bosnia and Herzegovina, said earlier this week that profits in the 12 months of last year came in at BAM205,000 (US$143,963). The performance compares to a loss of BAM1.2m in 2012.

Net sales increased by 14% year-on-year, totalling BAM37m, as volumes rose by 12% to 407,000 hectolitres.

“For Banjalucka, 2013 was a breakthrough year,” said general manager Nicholas Penny.

“The [business] outlook for 2014 is similar to last year’s: A contracting market, few indicators of improvements in the economy and great pressure from foreign competitors. Multinationals, our largest competitors, are continuing to invest heavily and they started to cut prices, which is very worrying.”