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

Croatia launches auctions for premiums for large power plants

Croatia launches auctions for renewable energy utility-scale power plants

24 June 2022 - The deadline for submitting bids for the award of premiums is July 4, according to the public call published by HROTE

EP votes protect EU industry after CO2 border tax fully implemented

EP votes to protect EU industry even after CO2 border tax is fully implemented

23 June 2022 - MEPs want to maintain free emission allowances for industrial producers in the EU after the CO2 border tax is fully implemented in 2030

Italy s Cingolani Wholesale gas price cap necessary stop manipulation

Italy’s Cingolani: Wholesale gas price cap is necessary to stop manipulation

22 June 2022 - Italian Minister Roberto Cingolani said his country's proposal to limit wholesale gas prices in the EU is gaining support

RWE Commerzbank offshore wind mid-sized firms mittelstand

RWE offers German companies ownership in its 1 GW offshore wind farm

22 June 2022 - RWE and Commerzbank intend to establish a 'Green Mittelstand Fund' to offer med-sized firms to secure supply of green electricity