Montenegro, Pljevlja coalmine recorded a net profit in the amount of some 54,000 euros in H1 2022

, SEE Energy News

Pljevlja coalmine recorded a net profit in the amount of some 54,000 euros in the first half of 2022, roughly the same as in the same period last year .

According to the financial report, coalmine’s sales revenues reached 20.47 million euros at the end of June 2021, which is by 37.7 % more than in the same period in 2021. At the same time, operating expenses rose by 39.9 %, reaching 11.79 million euros, while salaries, benefits and other personnel expenses reached 8.51 million euros, a 35 % increase year-on-year.

Total assets of Pljevlja coalmine at the end of June 2022 were worth 101.9 million euros, which is by 27.5 % more than a year before. The company’s long-term provisions and liabilities amounted to 9.7 million euros, while short-term liabilities amount to 21.3 million euros. Retained earnings stand at 16 million euros.

In April 2018, power utility EPCG announced that it has launched a buyout bid for the entire capital (5,064,443 shares) of Pljevlja coalmine. The bid was valid in the period between 20 April and 4 May and EPCG offered to pay 6.4 euros/share of the coalmine. According to the analysis performed by Deloitte, which said that 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. According to the decision of the Commission for the Capital Market in early June, EPCG became the majority owner of Pljevlja coalmine.