Montenegrin Power Utility EPCG Q1 Net Profit Drops 3.6% y/y

Montenegrin state-controlled power utility Elektroprivreda Crne Gore (EPCG) said on Wednesday its net profit fell 3.6% on the year to 13.4 million euro ($15 million) in the first quarter of 2015.

Operating revenues edged up 1.9% on the year to 65.7 million euro through March as operating costs dropped 5.1% to 51.8 million euro, EPCG said in a financial report.

The Montenegrin government is the majority owner of EPCG with a 57% stake while Italian company A2A owns 41.75%.

EPCG, which plans to raise output to 3,159 GWh this year from 3,036 GWh in 2014, operates around 870 MW of installed generation capacity. The company's net profit rose 38% to 34.7 million euro in 2014.

Source: SeeNews