Montenegro’s state-controlled power utility Elektroprivreda Crne Gore (EPCG) said on Monday that it recorded a net profit of 63 million euro in the first nine months of 2023, as compared to a net loss of 88.7 million euro in the like period of last year.
Operating revenues rose by 3.4% on the year to 352.3 million euro in the nine months through September, while operating costs decreased by 26.5% to 300.6 million euro, EPCG said in an interim financial report filed with the Montenegro Stock Exchange.
Thus, the company turned to an operating profit of 61.5 million euro in the first nine months of 2023 from 82.2 million euro operating loss in the like period of last year.
The government owns 88.7% of EPCG, followed by the company itself with 10%. The remainder belongs to smaller shareholders.