April 13 (SeeNews) - Montenegro's majority state-owned power transmission system operator Crnogorski Elektroprenosni Sistem [MNG:PREN] said its net profit to 2.4 million euro ($2.6 million) in 2016 from 4 million euro in 2015.
The revenue of the company went down 8.1% to 29 million euro while operating costs edged up 0.6% to 26.6 million euro, Crnogorski Elektroprenosni Sistem (CGES) said in a financial statement filed with the Montenegro Stock Exchange.
Operating profit declined 52.5% to 2.4 million euro in 2016, CGES said.
Following are details of CGES' performance (in millions of euro):
|
2016 |
2015 |
Operating costs |
26.566 |
26.413 |
Revenue |
29.015 |
31.571 |
Operating profit |
2.448 |
5.158 |
Net profit |
2.436 |
4.019 |
The Montenegrin state controls a 55% stake in the capital of CGES, while Italian power group Terna owns a 22.1% shareholding.
($ = 0.941008 euro)