Bosnia and Herzegovina: A profit of RiTE Gacko in 2020

, SEE Energy News

Last year coalmine and thermal power plant (RiTE) Gacko, operated by power utility ERS, recorded a net profit in the amount of some 660,000 euros, compared to a net loss of almost 7 million euros in the previous year. The company’s revenues increased by 13.6 % year -on-year to 65.3 million euros in 2020, while expenses fell by 1.6 % to 64.6 million euros. In its three-year business plan, RiTE Gacko envisaged losses in the amount of 6.8 million euros in 2019 and around 300,000 euros in both 2020 and 2021. Planned investments for the three -year period amount to 121.5 million euros which should be primarily financed through loans.