Montenegro: Pljevlja coalmine recorded a 4 million euros profit in Q1

Published on 15. May 2023., SEE Energy News

According to the financial report, Montenegrin coalmine Pljevlja recorded a net profit of 4 million euros in the first three months of 2023. That is slightly lower compared to 4.1 million euros in profit in the same period in 2022.

Sales revenues reached 16.9 million euros in Q1, 23% more than in the same period in 2022. At the same time, operating expenses rose by 24%, reaching 7.1 million euros.

In April 2018, power utility EPCG launched a buyout bid for the entire capital of the Pljevlja coalmine. It was valid between 20 April and 4 May. EPCG offered to pay 6.4 euros per share of the coal mine.

According to the analysis performed by Deloitte, although the price of Pljevlja coalmine shares stood at 6.9 euros at the end of 2017, the fair price is 6.4 euros/share. EPCG became the majority owner of the Pljevlja coalmine following the decision of the Commission for the Capital Market in early June.

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