PODGORICA (Montenegro), November 22 (SeeNews) – Montenegrin state-controlled power utility Elektroprivreda Crne Gore (EPCG) [MNG:EPCG] said it swung to a net profit of 43.1 million euro ($49.2 million) in the first nine months of 2018 from a loss of 15.6 million euro in the like period of last year.
Operating revenues rose 22.1% on the year to 225 million euro, while operating costs fell 10.4% to 186.2 million euro, EPCG said in an interim financial report filed with the Montenegrin bourse.
The operating profit of EPCG came in at 38.8 million euro in the first nine months, versus an operating loss of 23.6 million euro in January-September 2017, EPCG said.
Earlier this year, Montenegro’s government said it has increased its shareholding interest in power utility EPCG to 70.16% from 57.01%.
($ = 0.87606 euro)