Montenegro: Power utility company EPCG marks net profit of 25.16MEUR

Published on 16. April 2014., SEE Energy News

Electric Power Company of Montenegro (EPCG) ended up last year with a net profit of 25.16 million euros, compared to the 2012 when it reported a loss of 5.78 million euros.

According to the data from the report of operations, which was published on the website of the Securities and Exchange Commission (SEC), operating revenue of EPCG at the end of December was 277.84 million euros, which is 5.5 percent more than in the same compared period.

Business expenditures of the company decreased by 14.6 percent to 235.94 million euros. The purchase value of sold goods was 51.09 million, the cost of materials was 52.2 million, salaries and other personal expenses were 48 million euros and the amortization and provisions 38.45 million.

Other operating expenses amounted to 46.16 million euros.

Total assets at the end of December EPCG was worth 1.14 billion euros, which are up five percent over at the same compared  period.

Accumulated loss is amounted to 275.64 million euros, and an unallocated earnings 643.81 thousand euros.

Long term liabilities amounted to 93.92 million euros and 130.57 million euros were short term.

The state has 55 percent stake in EPCG, the Italian company A2A 43.7 percent.

Source; Serbia Energy See Desk