Montenegro's Jugopetrol Q1 net profit plunges

Revenue fell to 47.6 million euro in January-March from 50.5 million euro in the first quarter of 2023, Jugopetrol said in a financial statement filed with the Montenegro Stock Exchange last week.

Operating expenses declined to 46.5 million euro from 48.5 million euro, while costs for workers' wages and benefits increased to some 701,700 euro from 631,400 euro in the period under review.

Operating profit dropped to 140,200 euro from 1.19 million euro in the first three months of 2023.

Last year, Jugopetrol's net profit fell to 7 million euro from 12.1 million euro in 2022.

The company's shares last traded on the Montenegro bourse on April 24, shedding 4.46% to close at 12.42 euro. Greece's Hellenic Petroleum International is Jugopetrol's largest shareholder with a 54.4% stake. The remainder belongs to smaller shareholders.

($ = 0.935 euro)