Hydro-based electricity producer “Hidroelektrane na Trebisnjici” (HET), a subsidiary of state-owned power utility ERS, recorded a net profit in the amount of 2.88 million euros in the first quarter of 2022, compared to a profit of 4.95 million euros in the same period last year.
The company’s revenues in the first three months of the year dropped to 10.65 million euros from last year’s 12.45 million euros, while its expenditures rose to 7.8 million from 7.3 million euros.
Short-term liabilities of the company dropped year -on-year to 14.1 million euros, while its long-term liabilities remained the same and amounted to 21.5 million euros.
Last month, HET has completed the increase of its capital by 143 million euros through a new share issue. The company issued 280 million ordinary shares of 0.51 euros in par value each. The parent company ERS subscribed for 64.9 % of HET’s share issue, equal to its previous shareholding interest in the company. ERS invested 83.7 million marka in HET’s capital increase, based on the share price of 0.23 euros per share, which HET offered to its existing shareholders in the capital hike.
HET operates HPPs Trebinje 1 and 2, pump- storage HPP Capljijna and shares production of HPP Dubrovnik with Croatian HEP.
