PODGORICA (Montenegro), August 13 (SeeNews) – Montenegro's state-controlled power utility Elektroprivreda Crne Gore (EPCG) [MNG:EPCG] said its net profit shrank to 13.3 million euro ($14.9 million) in the first half of 2019, from 42.9 million euro a year earlier.
Operating revenues rose 4.8% on the year to 161.9 million euro in the period under review, while operating costs grew 31.2% to 150.1 million euro, EPCG said in an interim financial report.
Thus, the company's operating profit plunged to 11.9 million euro from 40.1 million euro in the first half of 2018. It also reported a financial profit of some 1.9 million euro in the first half, down from 2.1 million euro in the first six months of 2018.
In 2018, EPCG swung to a 44.1 million euro net profit, from a loss of 948,127 euro in the previous year.
The government owns 76.9% of EPCG, followed by Italy's A2A with 11.9% and the company itself with 10%. The remainder belongs to smaller shareholders.
($ = 0.893585 euro)