PODGORICA (Montenegro), September 16 (SeeNews) – Montenegro's state-controlled power utility Elektroprivreda Crne Gore (EPCG) [MNG:EPCG] said its net profit shrank to 2.1 million euro ($2.5 million) in the first half of 2020, from 13.3 million euro a year earlier.
Operating revenues fell 8.5% on the year to 148.2 million euro in the period under review, while operating costs declined 3.3% to 145.2 million euro, EPCG said in an interim financial report.
Thus, the company's operating profit plunged to 3.0 million euro from 11.9 million euro in the first half of 2019. It also reported a financial profit of some 2.3 million euro in the first half, up from 1.9 million euro in the first six months of 2019.
In 2019, EPCG net profit declined to 28.3 million euro from 44.1 million euro in the previous year.
The government owns 88.7% of EPCG, followed by the company itself with 10%. The remainder belongs to smaller shareholders.
($ = 0.893585 euro)