November 15, 2018 / 12:23 PM / a month ago

Profits of Serbian utility EPS nearly double in Jan-Sept

BELGRADE, Nov 15 (Reuters) - Serbian power utility Elektroprivreda Srbije (EPS) said on Thursday its net profit nearly doubled in the first nine months of 2018 to 4 billion Serbian dinars ($38 million).

It did not give a reason for the sharp increase but its business in the same period a year earlier was hit by a severe winter that hampered EPS’s power generation and pushed up its power import costs.

State-run EPS, Serbia’s only power utility, said its revenues rose 4 percent in January-September of 2018, from a year earlier, to 171 billion dinars, while costs increased by 2.7 percent to 158.4 billion dinars.

EPS generated 25.8 terawatt hours (TWh) of electricity during the first nine months of this year, up from 24.9 TWh in the same period of 2017.

Serbia produces two thirds of its power in ageing coal-fired plants and the rest from hydropower. ($1 = 104.4100 Serbian dinars) (Reporting by Maja Zuvela; Editing by Susan Fenton)

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