Bosnia: Power utility EPBiH marks sky fall of profit, SEE Energy News
In 2014 “Electric Power Industry of BiH” (EP BiH) made 1.6MEUR of net profit, after it operated with 17MEUR of after tax profit in 2013, on the basis of the financial statements of the company published on Sarajevo Stock Exchange.
EP BiH has announced weaker financial result for 2014, since the 2014-2016 plan predicted net profit of 1.5MEUR.
Last year the company achieved total operating revenues of 480MEUR, which is approx. 15MEUR less than in the previous year, when the operating income amounted to 480MEUR.
Smaller operating income is primarily the result of lower sales in foreign markets, where the realization in last year amounted to 21MEUR and 55MEUR in 2013.
Revenue decline was not compensated by higher sales in the domestic market, which amounted to 450MEUR, as opposed to 430MEUR in 2013.
During the last year EP BiH was emphasizing that the hydrological situation is worse than in 2013, and that electricity prices on the world market fell, which is why lower export revenues were expected.
In the last year the company had increased operating expenses – 470MEUR compared to 460MEUR in 2013. Profit from financial activities was significantly reduced from last year’s 5.5MEUR to 1MEUR. On the basis of the state at the end of each month, last year EP BiH employed 4,957 workers, 15 more than in 2013.
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