Transmission operator reports profit drop

In the first half of the year the net earnings of CGES (Montenegrin Electrical Transmission System) were EUR 2.19 million, 3.6 times smaller than in the first six months of 2014. In a filing to Montenegro Stock Exchange the company reported sales of EUR 15.4 million, marking a 23.3% drop year on year. Expenditure rose 8.3% to EUR 12.46 million and total assets rose 2% to EUR 223.67 million, news agency MINA-Business said.

Long-term reservations were EUR 38.24, and short-term ones EUR 9.85 million, while undistributed gain was EUR 19.77 million. The company said its delayed tax liabilities were EUR 715,640. The government owns 55% of the stock, while Italian investor Terna has 22.09%.