Montenegro's Luka Koper 2023 net profit up 46%

Revenue increased to 4.5 million euro in 2023 from 4.0 million euro a year earlier, while operating costs fell to 1.13 million euro from 1.28 million euro in the period under review, Luka Kotor said in a filing with the Montenegro Stock Exchange.

Costs for workers wages and benefits, however, rose to 1.66 million euro from 1.39 million euro in 2022.

The operating profit rose to 1.87 million euro in 2023 from 1.43 million euro in the prior year, the statement read.

In February, Luka Kotor's executive director Ljubo Radovic told local media the company expects a record-breaking cruise season with 506 cruise ship arrivals and more than 700,000 passengers in 2024. Last year, 423 cruise ships with 505,000 tourists on board visited Luka Kotor, making it one of the most successful years for the port operator, Radovic has noted.

Luka Kotor's shares last traded on February 26, closing flat at 8.6 euro.

The municipality of the coastal town of Kotor owns 57% of the company, followed by the state pension fund with 17.5% and an anonymous investor behind a custody account with 10.3%. The remainder belongs to smaller shareholders, bourse data showed on Thursday.

($ = 0.921 euro)