Montenegro: TSO Co CGES marks net profit 4.4MEUR in 1Q/2014

13. May 2014. / SEE Energy News

Montenegrin Transmission System (CGES) ended the first quarter with a net profit of 4.44 million euros, five times higher than in the same period last year. The state owns 55 percent of CGES, while Italy’s Terna owns about 22.09 percent of the shares.

According to the statement of operations, which is published on the website of the Montenegro stock exchange, at the end of March, the operating revenues of the company amounted to 10.21 million euros and they were 59.8 percent higher than in the comparative period.

At the end of March, operating expenses of the company dropped 7.4 percent to 5.29 million euros. Salaries, benefits and other personnel expenses amounted to 1.48 million, depreciation and provisions 1.67 million and materials 86.3 thousand euros.

Other operating expenses was amounted of 440.25 thousands euros.
Total assets of CGES has risen at 6.8 percent to 213.78 million euros.
Undistributed profit of the company was amounted to 16.96 million euros.

Long term provisions and liabilities amounted to 28.37 million euros and 13.22 million euros short term.

The state owns 55 percent of CGES, while Italy’s Terna owns about 22.09 percent of the shares.

Behind HB collective custody account 3, the owner is hidden with 3.78 percent of the shares, while fund Trend has 2.82 percent. Moneta has 1.87% share, and the Company for management services and property management MIG 1.55 percent.

Other shareholders have less than one percent of the shares.

Source; Serbia Energy See Desk

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