Fintel Energija's net loss widens 6.4% y/y in Q1

The renewable energy company's operating revenue rose to 492,000 dinars in January-March 2024, from 422,000 dinars a year earlier, Fintel Energija said in a filing to the Belgrade Stock Exchange last week.

Its operating expenses also rose, to 11.79 million dinars from 9.67 million dinars, increasing the operating loss rising to 11.29 million dinars from 9.24 million dinars.

Thanks to growth of financial revenue - to 12.16 million dinars in the first quarter of 2024 from 10.92 million dinars a year earlier, and a drop in financial costs - to 10.81 million dinars from 11.01 million dinars, Fintel Energija saw its total income rising to 12.65 million dinars in January-March, from 11.34 million dinars in the first three months of 2023. At the same time, its total costs expanded to 22.59 million dinars from 20.69 million dinars.

The shares of blue-chip Fintel Energija last traded on the Belgrade bourse on April 25, closing 1.52% lower at 650 dinars.

Last year, the company almost trebled its net profit, to 21.4 million dinars from 7.6 million dinars in 2022.

Fintel Energija was the first company to install and operate wind farms in Serbia. The installed capacity of its wind farms totalled 85.5 MW at the end of 2023, with some 500 MW of new projects under development. The group sells its electricity output to state-owned utility Elektroprivreda Srbije (EPS).

(1 euro = 117.110 dinars)