Serbia: EPS recorded lower profit in Q1 2019

, News Serbia Energy

Serbian state-owned power utility EPS announced that it has recorded a net profit in the amount of some 41.4 million euros in the first quarter of 2019, which is almost twice lower compared to the same period last year (77.1 million euros).

The company’s revenues increased by 7.8 % in the first three months of the year reaching 582 million euros, while its expenditures increased even more, by 17.6 % to almost 510 million euros.

EPS produced 9.9 TWh of electricity in JanuaryMarch 2019, which is 2 %above the planned amount. Electricity production at hydropower plants was 22 % above planned, while production of coal-fired thermal power plants was 5 % below planned in the abovementioned period.

EPS recorded a net loss in the amount of some 4.8 million euros in 2018, compared to net profit of 52.5 million euros in the previous year. According to the annual financial statement, company’s revenues in 2018 rose by 4.5 % to 1.97 billion euros, while its expenditures also rose by 2.7 % and reached 1.88 billion euros.

EPS produced a total of 34.3 TWh of electricity in 2018, which is 5 % below the planned amount of 36.1 TWh. Electricity production at thermal power plants was 13 % lower than planned, while hydropower plants recorded an increase in production, which was 19 % above the plan.

According to the program agreed between Serbian Government and the International Monetary Fund (IMF), Serbian state-owned power utility EPS will become a joint stock company in 2020. The Government said that EPS’ legal status will be changed to a joint-stock company in line with the ongoing corporate restructuring process and financial consolidation, aiming to improve the viability of the company and ensure its professional management. The company also continued implementing the 2016–19 labor optimization plan with the assistance of the World Bank and the European Bank for Reconstruction and Development (EBRD).

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