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EPCG’s quarterly profit falls by almost one third

Published

October 31, 2015

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Published:

October 31, 2015

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State-owned utility Electric Power Company of Montenegro (EPCG), based in Nikšić, concluded the third quarter with a profit of EUR 12.69 million, 30.4% less than from the corresponding period of last year. The financial report published on Montenegroberza’s website revealed expenditures in Elektroprivreda Crne Gore a. d. rose 5.4% to EUR 170.65 million. Material accounted for EUR 38.7 million, while salaries, imbursement and other outlays were valued at EUR 33.82 milion, and ammortization and reservations cost EUR 32.35 million. Total assets at the end of September were EUR 1.2 billion, 1.6% more than a year before, portal CdM reported.

Short-term reservations and liabilities were EUR 112.5 million, while the long-term category was valued at EUR 93.25 million. Delayed tax obligations were EUR 44.3 million, according to the financial results.

Dan daily paper said the company’s data shows total debt for consumed power amounted to EUR 187 million. Households participated with EUR 137 million, while other categories and companies accounted for the rest, CdM reported.

September accounts have been discounted for regular payers – as much as 45% of households pay 5% and 10% less due to regular settlement of their bills, EPCG explained. The company stated it has understanding for the socio-economic environment, and that campaigns are aimed at facilitating the repayment of debts for all categories of consumers.

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