Serbia's Fintel Energija sees cons net loss shrink in 2019

Fintel Energija [BEL:FINT], the Serbian subsidiary of Italy's Fintel Energia Group, said it recorded a consolidated net loss of 56.6 million dinars ($541,000/481,000 euro) in 2019, versus a 115.6 million dinars net loss in the previous year.

The company's operating loss totalled 36.1 million dinars last year, down from 38.1 million dinars in 2018, Fintel Energija said in a filing with the Belgrade Stock Exchange on Tuesday.

Fintel Energija's shares last traded on the Belgrade bourse on June 15, closing 0.2% higher at 606 dinars in a volume of 171.

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 10 MW 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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