April 26 (SeeNews) - Montenegro's power transmission system operator Crnogorski Elektroprenosni Sistem (CGES) [MNG:PREN] said on Friday its net profit decreased to 3.9 million euro ($4.2 million) in the first quarter of 2024 from 8.5 million euro in the like period of last year.
The majority state-owned company's net sales fell 23.6% year-on-year to 23 million euro in the first quarter, while operating expenditures decreased 28.1% to 13.5 million euro, CGES said in a financial statement posted on the website of the Montenegro Stock Exchange.
Following are details of CGES' financial performance (in millions of euro):
|
Q1 '24 |
Q1 '23 |
Net sales |
23.030 |
30.066 |
Operating costs |
13.528 |
17.262 |
Operating profit |
6.091 |
11.211 |
Net profit |
3.895 |
8.485 |
$ = 0.9315 euro