October 22, 2019 / 1:29 PM / 2 months ago

Montenegro power utility EPCG posts 60% drop in nine-month profit

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

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