Montenegro: Power utility EPCG drops profit in 1stQ2015

, SEE Energy News

Power utility EPCG, partially owned and managed by Italian A2A marked profit drop in first quarter of 2015. Net income of Electric Power Industry of Montenegro (EPCG) in the first quarter of this year amounted to 13.44 MEUR, 3.3 percent less than in the same period last year.

According to the business report, published on the website of the Montenegro Stock Exchange, business company incomes increased by 1.9 percent to 65.7 MEUR at the end of March.

Operating expenses EPCG fell five percent to 51.82 EUR. Of this the costs of salaries, benefits and other personnel expenses accounted 11.28 MEUR, depreciation and provisions 10.69 MEUR and materials 14.3 MEUR. Other operating expenses amounted to 11.47 MEUR.

Total company assets were worth 1.2 billion EUR at the end of March, which is 1.5 percent more than in the comparative period.

Accumulated losses amounted to 222.16 MEUR, short-term provisions and liabilities 75.39 MEUR, and long-term 92.6 MEUR. Deferred tax liabilities amount to 44.52 MEUR.

To remind you, Montenegro has a 57.02 percent of stake in EPCG, while Italian company A2A 41.75 percent.