SARAJEVO (Reuters) - Montenegro power utility Elektroprivreda Crne Gore (EPCG) EPCG.MOT on Tuesday reported a 60.2% drop in nine-month profit to 17.1 million euros ($19.2 million) due to higher costs.
Revenue for the January-September period rose 8% to 242.9 million euros while costs increased 14.6% to 213.4 million euros, the majority state-run utility said.
EPCG operates 649 megawatts (MW) of installed hydropower capacity and 225 MW of coal-fired power generation capacity.
Its shareholders in August approved a plan to increase the government’s stake in EPCG to 85.4% from 76.9%, after Italy’s biggest regional utility A2A (A2.MI), which currently holds a 11.9% stake, decided to sell out of EPCG.
Reporting by Maja Zuvela; editing by Jason Neely