66,5 MEUR loss of Energy company of Montenegro in 2010

27. June 2012. / SEE Energy News

 

Shareholders assembly of Energy company of Montenegro ( EPCG) which was scheduled for 28th june is postponed for 30 july, the company stated in its release. Shareholders will discuss the business and financial reports of the company for year 2011. EPCG is owned by Italian A2A and Montenegro government.

EPCG finished last year with net loss of 66,5 MEUR and according to the company officials negative result is caused with factors which could not be influenced.

The income of the company in 2011 was 261,3 MEUR and its 12% less than in 2010.

EBITDA was negative and it was 3,2 MEUR in comparison with 2010 when it was positive and reached the level of 61,7 MEUR.

Total profit of the company is less due to the decrease of the electricity tariff system of 10% which was approved last year by regulatory agency.

Source; EPCG

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