January 10 (SeeNews) - Montenegrin wine producer 13 Jul-Plantaze [MNG:PLAP] expects to post a 3.3 million euro ($3.6 million) loss for 2023, which represents an improvement of 6.7 million euro compared to the year before, local media reported.
The company estimates that its revenue increased 14% to 32 million euro last year, which is a record-high figure for the past ten years, the head of the wine producer, Igor Cadjenovic, told local news agency Mina-Business in an interview last week.
At the same time, expenditures are estimated to have grown by 3% compared to 2022, in line with expectations, Cadjenovic said, without providing a figure.
He noted that the company posted positive earnings before interest, tax, depreciation and amortisation (EBITDA) of more than 2 million euro last year.
In October, 13 Jul-Plantaze reported a net loss of 4.4 million euro for the first nine months of 2023, compared to a net loss of 3.4 million euro in the prior-year period.
The government's Investment and Development Fund owns a 22.2% stake in the company, 21.5% is held by the Pension and Disability Insurance Fund and 9.2% is owned by Komercijalna Banka Montenegro. The remainder is held by a number of minority shareholders.
($ = 0.914 euro)