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.