Montenegro power utility EPCG\'s first quarter profit down 66.5 per cent to $12 mn

Montenegro power utility EPCG's first quarter profit down 66.5 per cent to $12 mn

The utility said its revenue fell 1.4 percent to 90.4 million euros while costs jumped 31.7 percent to nearly 80 million euros compared to Jan.-March 2018REUTERS  |  May 10, 2019, 12:05 IST
Montenegro power utility EPCG's first quarter profit down 66.5 per cent to $12 mn SARAJEVO: Montenegro's power utility Elektroprivreda Crne Gore (EPCG) reported a 66.5 percent drop in first-quarter profit to 10.7 million euros ($12 million) due to higher costs, the company said on Thursday.

The utility said its revenue fell 1.4 percent to 90.4 million euros while costs jumped 31.7 percent to nearly 80 million euros compared to Jan.-March 2018.

Montenegro's government increased its stake in EPCG last year to 70.16 percent from 57 percent, after Italy's biggest regional utility A2A, which holds a 18.65 percent stake in the company, decided to pull out.