Montenegro: TSO company CGES made 6,5 million profit in 2012, Italian Terna co owner influenced the positive development

12. April 2013. / SEE Energy News


Montenegrin Electricity Transmission System (CGES) made a profit of 6,55 million EUR last year which is almost 2 times more than in 2011.

According to the business plan, published on website of Money Commission (KHOV), business incomes from the company which is the mayor owner of states increased by 12% to around 29,15 million EUR, expenditures increased by 5,7% to 23,53 million EUR.

Unplaced income of the company amounts 9,87 million EUR, long term reservations and obligations are 22,12 million EUR and short term 11,33 million. Postponed tax obligations are around 111 thousand dollars.

Total corporation’s assets amounted 198,79 million EUR at the end of last year and it was 2,5% higher than in 2011.

State is the owner of 55% of CGES’s shares, while Italian Terna owns about 22,09% of shares.

Owner of 3,91% of shares is behind HB Zbirni Kastodi’s account while Trend fond owns 2,82%. Atlas Mont and Moneta have 2,65 and 2,25% and Society for Management Business and real Estate Management MIG 1,55%. The rest of shareholders have less than 1% of shares.

Source;Serbia Energy/CGES/Stock exchange

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