Montenegro: A slight loss at Jugopetrol in Q1 2021

, SEE Energy News

Montenegrin oil company Jugopetrol recorded a net loss in the amount of some 220,000 euros in the first quarter of 2021, compared to a loss of 80,000 euros in the same period last year. The company’s operating revenues dropped by 24.2 % in the first three months of 2021 and amounted to 19.21 million euros, while its operating expenditures also dropped by 24 % and amounted to 19.23 million euros. Purchase cost of goods sold amounted to 15.74 million euros, salaries, benefits and other personnel expenses amounted to 595,000 euros, depreciation and provisions to 812,000 euros, while other operational expenses amounted to 1.94 million euros in the previous year. Total assets of Jugopetrol at the end of March 2021 amounted to 103.44 million euros compared to 106 million euros in the same period in 2020. Retained earnings of the company amounted to 13.84 million euros. Long-term liabilities amounted to 943,000 euros, while short-term liabilities amounted to 12.2 million euros. The largest shareholder in Jugopetrol is Greek Hellenic Petroleum International, which owns 54.35 % of the shares since 2002. Other shareholders with significant number of shares are: NM collective custody account 3 with 9.26 %, EK collective custody account 1 with 9.2 %, and CK collective custody account 1 with 3.62 %.