Bosnia and Herzegovina: Decrease of net profit at EP HZHB, SEE Energy News
In the first half of the year, EP HZHB, the smallest Bosnian power utility of the three utilities in Bosnia and Herzegovina, recorded a significant decrease of its net profit.
Its net profit dropped to just 250,000 euros in the first six months of 2020, compared to a net profit of 9.6 million euros recorded in the same period last year. The company’s operating revenues in the first half of 2020 dropped by 41 % and reached 80.7 million euros, while operating expenditures decreased by 37 % to 76.7 million euros. At the same time, EP HZHB’s other expenses almost tripled compared to the first half of 2019, reaching 2.75 million euros.
EP HZHB recorded a significant profit drop in 2019 as well, mostly due to poor hydrological conditions, as utility’s production is primarily hydro -based. However, EP HZHB operates the sole large -scale wind farm in Bosnia and Herzegovina – 50.6 MW Mesihovina launched in March 2018.