PODGORICA (Montenegro), August 2 (SeeNews) – Montenegrin state-controlled power utility Elektroprivreda Crne Gore (EPCG) [MNG:EPCG] said it swung to a net profit of 42.9 million euro ($49.8 million) in the first half of 2018 from a loss of 6.9 million euro in the like period of the previous year.
Operating revenues rose 26.2% on the year to 154.5 million euro, while operating costs fell 14% to 114.4 million euro, EPCG said in an annual financial report filed with the Montenegrin bourse.
The operating profit of EPCG came in at 40.1 million euro in the first half, versus an operating loss of 10.7 million euro in January-June 2017, EPCG said.
Earlier this year, Montenegro’s government said it has increased its shareholding interest in power utility EPCG to 70.16% from 57.01%.
($ = 0.861229 euro)