Montenegro: TSO Co CGES profits drop in 1H2015

28. August 2015. / SEE Energy News

 

The state owns 55 percent of the shares of TSO company CGES, while Italian Terna owns about 22.09 percent of shares.

Montenegrin Transmission System (CGES) completed the first half with a net profit of 2.19 MEUR, 3.6 times less than in the same period last year.

Operating company incomes, according to the business report published on the website of Montenegro at the end of June, amounted to 15.4 MEUR and were 23.3 percent lower than in the comparative period.

CGES operating expenses rose 8.3 percent to 12.46 MEUR. Salaries, benefits and other personnel expenses amounted to 3.17 MEUR, amortization and provisions 3.52 MEUR, materials 208, 77 thousand EUR and the purchase value of sold goods 4.18 MEUR. Other operating expenses amounted to 1.37 MEUR.

The total assets of the company at the end of June were worth 223.67 MEUR, two percent more than in the comparative period.

Non-current liabilities amounted to 38.24 MEUR, 9.85 MEUR of short-term and retained earnings 19.77 MEUR.

Deferred tax liabilities amounted to 715.64 thousand EUR.

The state owns 55 percent of the shares of CGES, while Italian Terna owns about 22.09 percent of the shares.

Behind HB Collective Custody account 3 is hidden owner of 3.71 percent of shares, while fund Trend has 2.82 percent. Sig from Podgorica has a 1.55 percent share, while behind CK-Collective Custody account 1 is hidden owner of 1.18 percent of the shares. Other stockholders have less than one percent of the shares.

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