Electricity

EPHZHB’s net profit for 2019 lands nearly seven times lower year over year

EPHZHB-profit-2019

Photo: Pixabay

Published

April 23, 2020

Comments

0

Share

Published:

April 23, 2020

Comments:

0

Share

Net profit of public power utility Elektroprivreda Hrvatske Zajednice Herceg Bosne (EPHZHB) dropped 85.1% last year against 2018, to BAM 2.47 million (EUR 1.26 million), according to the official results.

The company’s net profit in 2018 was BAM 16.6 million (EUR 8.49 million) or almost seven times higher.

Even though revenues strengthened and costs fell fall, earnings have plunged

EPHZHB’s operating revenues in 2019 jumped to about BAM 465 million (EUR 237.7 million), from some BAM 442 million (EUR 226 million) in 2018, while operating expenses fell from BAM 416 million (EUR 212.7 million) to BAM 412 million (EUR 210.6 million).

The annual report for 2019, posted on the company’s website, doesn’t include an explanation for the last year’s profit drop.

At the beginning of October, EPHZHB revised its annual business plan, and one of the main reasons it cited at the time was the termination of electricity supply to the Mostar-based aluminum producer Aluminij in mid-June.

The company stopped supplying power to Mostar-based aluminum producer Aluminij in mid-June

EPHZHB said at the time that the revision lowered expected operational revenues by 6.8%. The setback with regard to the aluminum producer also pushed the operational revenue outlook BAM 85 million (EUR 43.4 million) lower.

The event also impacted the expected operational expenses by 10.9% and the planned purchase of electricity by 32.6%.

In March last year, EPHZHB signed an agreement with power utility Elektroprivreda Republike Srpske (ERS) under which PHE Čapljina, which is operated by EPHZHB, should deliver half of its 2019 output to ERS. The two sides later agreed to continue the cooperation into 2020.

Tags: , ,
Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

Janom Investments expands Croatia 30 MW solar power project

Janom Investments expands to Croatia with 30 MW solar power project

01 March 2024 - The planned 30 MW solar power plant in the Slavonia area is the first project of janom Investments in Croatia.

European heat pump sales drop 2023 layoffs

European heat pump sales drop in 2023, resulting in layoffs

29 February 2024 - Heat pump sales tumbled 4.7% last year in 14 countries tracked by the European Heat Pump Association (EHPA)

BiH entities set establishment of power exchange as priority

BiH entities agree that establishing power exchange is priority

29 February 2024 - Energy ministers Petar Đokić from the Republic of Srpska and Vedran Lakić from the Federation of BiH have met in Banja Luka

OMV Petrom EU funding two green hydrogen plants

OMV Petrom obtains EU funding for two green hydrogen plants

29 February 2024 - OMV Petrom is stepping up its decarbonization efforts with projects for two green hydrogen production units at its Petrobrazi refinery