Montenegro: Lower profit for EPCG in 2019

, SEE Energy News

Compared to 44.1 million euros profit recorded in the previous year, Montenegrin power utility EPCG recorded a net profit in the amount of 28.4 million euros in 2019.

According to the financial report, company’s operating income reached 323.6 million euros at the end of December 2019, which is by 6.5 % higher than in 2018. At the same time, operating expenses rose by 10.5 %, reaching 301.5 million euros. Salaries, benefits and other personnel expenses reached 20.8 million euros, costs of materials amounted to 43.2 million euros, purchase cost of goods sols amounted to 89.5 million euros, depreciation and provisions reached 21.7 million euros, while other expenses reached 126.2 million euros. Total assets of EPCG at the end of December 2019 were worth 1.07 billion euros, which is 5.3 % less than at the end of 2018. The company’s long-term provisions and liabilities amounted to 61.9 million euros, short-term to 62.9 million euros, while deferred tax liabilities reached 32 million euros. Retained earnings of the company amounted to 41.2 million euros. The Montenegrin state owns 88.6 % of EPCG’s shares, while 9.99 % is held by the company itself.

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