Montenegro's Port of Bar reports 5% drop in H1 net profit.

By bne IntelliNews September 5, 2012
Montenegro's' main sea port, Port of Bar (Luka Bar), posted EUR 0.307mn net profit in the first half of 2012, down by 5% y/y, according to the report published on the website of the securities commission. Operating revenues reached EUR 4.57mn, up by 7.4% y/y, while operating expenditures of the company rose by 9.4% y/y to EUR 4.25mn, which was the reason for the overall deterioration. Total assets of Port of Bar rose by 2.6% y/y to EUR 76.9mn. The long-term reserves and liabilities of the company amounted to EUR 3.75mn at end-June, while the short-term liabilities reached to EUR 3.5mn. The main shareholder in the company is the state with a 54.05% stake.

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