Serbia's Fintel Energija H1 cons net profit halves

Fintel Energija debut on Belgrade bourse; Source: Fintel Energija

BELGRADE (Serbia), August 16 (SeeNews) - Fintel Energija [BEL:FINT], the Serbian subsidiary of Italy's Fintel Energia Group, said its consolidated net profit shrank 53% to 35 million dinars ($329,000/297,000 euro) in the first half of 2019 due to financial losses.

Fintel Energija's operating revenue rose 2.8% on the year to 242.8 million dinars in January-June, while operating costs edged up 1.2% to 145 million dinars, the company said in its its first-half consolidated financial statement on Thursday.

The company's operating profit rose 5.2% to 97.5 million dinars but its financial account swung to a 42 million dinars loss from a 15 million dinars profit in January-June 2018.

Fintel Energija's shares last traded on the Belgrade bourse on July 25, closing 1.45% higher at 560 dinars in a volume of 10.

In November, Fintel Energija successfully completed the first initial public offering (IPO) on the Belgrade Stock Exchange since 1940.

In February, the company announced plans to build Europe's largest onshore wind farm in Serbia, which will have an installed capacity of 572 MW and will be located in the country's northern region of Vojvodina. Fintel Energija plans to carry out the project via the special purpose vehicle Maestrale Ring.

It also plans to build in Vojvodina two wind farms of 10MW installed capacity each, through special purpose vehicles Lipar and Lipar 2.

The three special purpose vehicles will be fully-owned by Fintel Energija. The projects will allow Fintel Energija to increase its total installed capacity in Serbia to 944 MW from 352 MW. 

(1 euro = 117.757 dinars)

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