Electric power industry’s profit soared last year

CGES (Montenegrin Electrical Transmission System – Crnogorski elektroprenosni sistem) said its last year’s net income was EUR 12.4 million, 4.6 times more than the previous year, while the national power company EPCG’s (Elektroprivreda Crne Gore) profit was raised to EUR 34.77 million, 38% above the result from 2013.

Both companies filed reports to Montenegro Stock Exchange.

CGES’s operating income for the year was EUR 37.14 million, compared to EUR 26.65 million from 2013, the report said. Assets rose 7.4% to EUR 225.53 million. The government owns 55% of the company, while Italy’s Terna has a 22.09% share, Poslovnojutro.com portal said.

EPCG’s operating income fell 13.8% last year to EUR 239.62 million, while assets rose 3.9% to EUR 1.19 billion. The power producer is majority state-owned, while Italian company A2A has 41.75 percent.