January 31 (SeeNews) - Fintel Energija [BEL:FINT], the Serbian subsidiary of Italy's Fintel Energia Group, said on Wednesday it recorded a net profit of 21.4 million dinars ($194,000/179,000 euro) last year, up from 7.6 million dinars in 2022.
The company's operating revenue jumped to 1.79 million dinars in 2023, from 223,000 dinars a year earlier, Fintel Energija said in a filing to the Belgrade Stock Exchange.
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Its operating expenses also rose, to 49.68 million dinars from 42.19 million dinars in 2022, which resulted in the operating loss rising to 48 million dinars from 42 million dinars.
Thanks to a rise in financial revenue - to 115 million dinars in 2023 from 97 million dinars a year earlier, and a drop in financial costs - to 44 million dinars from 49 million dinars, Fintel saw its total income rising to 117 million dinars last year, from 99 million dinars in 2022, while its total costs expanded to 94 million dinars from 91 million dinars.
Fintel Energija was the first company to install and operate wind farms in Serbia. The installed capacity of its wind farms totalled 85.5 MW at the end of 2023, with some 500 MW of new projects under development. The group sells its electricity output through power purchase agreements to state-owned utility Elektroprivreda Srbije (EPS).
Fintel Energija's shares last traded on the Belgrade bourse on January 18, closing flat at 650 dinars.
(1 euro = 117.186 dinars)