Electricity

HEP books rise in profit in six months through June

Photo: Pixabay

Published

September 9, 2016

Country

Comments

comments icon

0

Share

Published:

September 9, 2016

Country:

Comments:

comments icon

0

Share

Unaudited financial reports for the first half of the year showed Croatian government-owned power utility HEP Group’s unconsolidated net profit climbed to HRK 1.22 billion (EUR 163 million) from EUR 126 million in the equivalent period of 2015, due to higher financial income and lower operating expenses.

Investments jumped 72.5% to EUR 23.3 million. They included the construction of energy facilities and cogeneration facilities fuelled by biomass, as well as procurement and construction of information and communications technology (ICT) infrastructure, according to the statement on the company’s website.

Revenues from electricity sales, among other factors, increased by EUR 36.9 million with improved results at the international market. Operating expenses came down 7.5% from the first six months of last year, to EUR 447.3 million, due to lower fees for electricity generation, with a decrease in production.

Net profit of EUR 82.5 million was recorded from financial operations. Financial income reached EUR 111.4 million, mostly from the share in profits of associated companies. Financial expenses, at EUR 28.9 million, consisted of interest on loans and issued bonds and foreign exchange losses. The company said its liquidity was satisfactory and that all liabilities towards suppliers were paid in due time. All investments were financed from regular operational cash inflow and a long-term loan for financing cogeneration biomass facilities.

Last month HEP said its Operator of Distribution System (HEP ODS) set more than EUR 66.8 million in coastal areas aimed at contributing to Croatian tourism.
 

Related Articles

bih world bank loan federation bih epbih coal regions just transition kreka mine

Federation of BiH secures EUR 83 million for just transition of coal regions

06 May 2025 - The funds are intended for the implementation of the Just Transition in Select Coal Regions of Bosnia and Herzegovina Project

Kosovo launches reconstruction of coal power plant unit

Kosovo* launches reconstruction of coal power plant unit

06 May 2025 - Kosovo Energy Corp. (KEK) began the reconstruction and modernization of one of the two units in its Kosovo B coal power plant

croatia green hydrogen wave energy island pag novalja

Croatia’s Pag island to produce green hydrogen using wave energy

06 May 2025 - The island town of Novalja could become one of the first in Croatia to begin the production of green hydrogen, and a rare example in the region

croatia us energy meeting smr warsaw nuclear institute plenkovic wright susnjar

Croatia discusses installation of small modular reactors with US

05 May 2025 - The delegations from the two countries met on the sidelines of the 10th summit meeting of the Three Seas Initiative, held in Warsaw