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

Montenegro NECP public consultation sole coal plant shutdown 2041

Montenegro publishes NECP for public consultation – sole coal plant planned for shutdown in 2041

30 June 2025 - The retirement of the Pljevlja coal plant is planned for 2041, but it depends on a just transition and supply security, the draft NECP reads

LONGi ignites Romania energy transition 54 1 MW BC

LONGi ignites Romania’s energy transition with 54.1 MW BC technology triumph

30 June 2025 - A PV plant in Romania's northwest is on schedule for a grid connection in the fourth quarter. It features LONGi Solar's BC modules.

Fortis Energy Albania 62 MW solar power

Fortis Energy gets green light in Albania for 62 MW solar power project

27 June 2025 - Fortis Energy received approval from the Albanian government for the construction of a 62 MW solar power plant in the country's southeast

Hidroelectrica construction pilot floating photovoltaic plant

Hidroelectrica to begin construction of its pilot floating photovoltaic plant

27 June 2025 - Romanian state-owned hydropower plant operator Hidroelectrica picked the contractor for a 10 MW floating solar power plant, its first