Power utility Elektroprivreda Crne Gore (EPCG) had a net profit of EUR 42.8 million in the first half of 2018, the company said on its website, adding that its Board of Directors has adopted a decision on the 2017 consolidated results, which show that EPCG Group’s net profit stood at EUR 1.5 million last year.
EPCG’s EBITDA in the first six months of 2018 was EUR 49.35 million, 58% more than planned. The company made a net profit of EUR 42.88 million in H1 2018, swinging from a EUR 6.9 million loss in the same period a year earlier. The revenues were up 26% year-on-year at EUR 154.47 million.
The good results were driven by factors including high water levels, which helped increase electricity production, EPCG said.
The EPCG Board of Directors has also adopted decisions on the company’s operations and consolidated financial statements for 2017.
“During 2017, EPCG Group (Elektroprivreda Crne Gore, CEDIS, ZETA Energy and EPCG Belgrade) was operating in a challenging economic environment and the business result was affected by a decrease in electricity production due to low water levels,” EPCG said.
The 2017 operating revenues were at EUR 234.35 million. EBITDA was down 65% year-on-year at EUR 23 million, while profit declined 50% to EUR 1.51 million.
The company reported a drop in electricity generation by 25% in 2017 to 2,190 GWh, of which 925 GWh was produced by hydropower plants, which was a plunge of 47%.
Electricity import reached 1,182 GWh, a 57% increase year-on-year.