Bosnia and Herzegovina: Profit rose, revenues dropped expenses the same at RiTE Gacko in H1 2020

, SEE Energy News

Compared to a net loss of 11.9 million euros in the same period last year, in the first half of 2020, coalmine and thermal power plant (RiTE) Gacko, operated by power utility ERS, recorded a net profit in the amount of some 500,000 euros.

The company’s revenues dropped by 52.4 % in the first six months of the year to 34 million euros, while expenses remained approximately the same and amounted to 33.3 million euros.

RiTE Gacko recorded a net loss in the amount of almost 7 million euros in 2019. The company’s revenues dropped to 60 million euros in 2019 from 67.3 million euros in the previous year, while expenses rose to 67.1 million euros from 66.6 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.