Coalmine and thermal power plant (RiTE) Ugljevik, a subsidiary of the state-owned power utility ERS, reported a loss of approximately 14.4 million euros in the first half of 2024. The company’s revenues for this period were 34.9 million euros, a decrease of 1.65 million euros compared to the same period in the previous year, while expenses rose to 48.8 million euros, 2.3 million euros more than in the first half of 2023.
Increased fuel and energy costs contributed to the higher expenses, totaling 7.05 million euros, and 18.4 million euros were spent on salaries, an increase of 1.5 million euros from last year. Despite the financial losses, the company’s management remains optimistic, citing the achievement of planned electricity production of 586,624 MWh and coal production of 886,517 tons.
The General Director, Diko Cvijetinovic, attributed the financial shortfall primarily to a regular annual overhaul that lasted 49 days, from May 7 to June 24. During this period, the company was unable to generate revenue from electricity sales. Cvijetinovic expressed confidence that the company will recover from the deficit and finish the year with a positive financial result if current trends continue.
