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CGES suffers annual profit drop by two thirds

Published

April 4, 2016

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Published:

April 4, 2016

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Montenegro’s majority state-owned power transmission system operator Crnogorski elektroprenosni sistem (CGES) posted net profit of EUR 4.02 million for last year, 67% less than in 2014, SeeNews reported. The company said revenues reached EUR 31.57 million, down 15% from the previous year, while its operating costs rose 9.8% to EUR 26.4 million. CGES reported results in a filing with the Montenegro Stock Exchange. The state owns a 55% stake in CGES, while Terna holds 22%, and Serbian transmission system operator Elektromreža Srbije (EMS) purchased 10% in late December.

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