Montenegro: Power utility EPCG marks decrease of profit in 1H 2014

9. September 2014. / SEE Energy News

Power utility company EPCG decreased the first half 2014 profit for 57% compared with same period last year. Costs are decresed as well but also income volumes are decreased. State owns 57,02% of EPCG and Italian A2A owns 41,75%.

As reported by EPCG net profit is 13,65MEUR which is 57,6% less than in the same period last year. Incomes decreased for 20,6%, 1H 2014 income is only 118.62MEUR.

Costs, compared with same period last year, are 107.69MEUR which is a decrease for 3%.

Ammortization and reserve costs are 19,23MEUR. Salaries contributions and other expenses are 22,5MEUR. Material costs are 22,59MEUR. Other business expenses reached 23.33MEUR.

Total assets of EPCG are estimated at 1,15 billion euro which is 0,9% more than same period last year. Accomulated loss is 262MEUR, long term reservations and obligations are 93,74MEUR and short term financial obligations are 126,23MEUR.
Delayed tax obligations are 38,77MEUR.

State has 57,02MEUR of EPCG and Italian A2A owns 41,75%.

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