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Montenegro's EPCG net profit declines in H1

Author Radomir Ralev
Montenegro's EPCG net profit declines in H1 Source: EPCG

PODGORICA (Montenegro), August 16 (SeeNews) - Montenegro's state-controlled power utility Elektroprivreda Crne Gore (EPCG) [MNG:EPCG] recorded a net profit of 6.5 million euro ($6.6 million) in the first half of 2022, down from 17.1 million euro in the like period of last year, it said.

Net sales grew 43% on the year to 244.4 million euro in the period under review, whereas costs grew 58.4% to 223.6 million euro, EPCG said in an interim financial report filed with the Montenegro Stock Exchange.

Montenegro's state directly owns a 88.6% stake in the capital of EPCG. The company controls a 10% shareholding interest itself, while the remainder is in the hands of other minority shareholders.

($ = 0.98471 euro)