Montenegro: TSO Co CGES profit drops in 1Q2015

12. May 2015. / SEE Energy News

The state owns 55 percent of CGES shares, while Italy’s Terna owns about 22.09 percent of the shares. Montenegrin Transmission System (CGES) ended the first quarter of 2015 with a net profit of 1.85 MEUR, 2.4 times less than in the comparative period last year.

Operating company’ income, according to the business report, published on the website of Montenegroberza, at the end of March totaled 8.82 MEUR and were 13.6 percent lower than in the comparative period.

CGES operating expenses rose 19 percent to 6.29 MEUR. Salaries, benefits and other personnel expenses amounted to 1.6 MEUR, depreciation and provisions 1.76 MEUR and materials 92.76 thousand EUR. Other operating expenses amounted to 590.13 thousand EUR.

The total company’ assets were 225.13 MEUR at the end of March, 5.3 percent more than in the comparative period.

Non-current liabilities amounted to 37.94 MEUR, short-term of 11.94 MEUR and retained earnings of 19.43 MEUR.

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

Behind HB Custody bill 3 is hidden owner of 3.71 percent of shares, while fund Trend has 2.81 percent. Society for operation management and property management MIG owns 1.55 percent, while behind the CK- Custody bill 1 is hidden owner of 1.15 percent of the shares. Other stockholders have less than one percent of the shares.

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