Montenegro energy company halted making losses, relief for owners the state and A2A

, SEE Energy News

Electric Power Industry of Montenegro (EPCG) reported a loss of about 14.9 million Euros in the first nine months of this year, less than in the same period last year.

According to their business report, published on the website of the Commission for securities, company revenues at the end of September were five percent lower than in the comparison period, and they amounted to about 191.4 million. Business expenses of EPCG were reduced for three percent to 214.3 million Euros.

Undistributed profit of the company totaled 404 thousand Euros, with a loss of approximately 309.9 million.

Long term liabilities amounted to approximately 78.4 million and short term to 105.9 million. Total assets at the end of the second quarter rose for 1.9 percent to 1.06 billion.
The state owns a 55 percent stake in EPCG, the Italian company A2A 43.7 percent, while other shareholders have less than one percent share.

Source Serbia Energy Magazine