PODGORICA (Montenegro), June 3 (SeeNews) – Montenegrin power utility Elektroprivreda Crne Gore (EPCG) said on Tuesday its earnings before interest and taxes (EBIT) fell 10% on the year to 11 million euro ($15 million) in the first quarter of 2014.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) fell by an annual 33% to 20.3 million in the first quarter, EPCG said in a statement on its website.
The company generated 903 gigawatts hours (GWh) of electricity in the first quarter, 25% less than a year ago and 9.0% below plan.
EPCG’s two hydro power plants accounted for 517 GWh of power generation in the review period, a 37% decrease from the same period of 2013. EPCG’s thermal power plant Pljevlja produced 386 GWh of electricity in the first three months, 0.4% less than a year ago.
($=0.7348 euro)