Serbia’s EPS 2012 Unconsolidated Net Loss Cut to $27.5 Million

Elektroprivreda Srbije JP, Serbia’s dominant power company, said its unconsolidated net loss fell 50 percent to 2.4 billion dinars ($27.5 million) in 2012 because of cost cuts.

The result at the Belgrade-based parent company, excluding its power-generating and distribution units and coal mines, dropped from 4.8 billion dinars a year earlier, according to a statement published on its website.

The state-owned utility expects a consolidated loss of about 33 billion dinars for 2012, acting Chief Executive Officer Aleksandar Obradovic said Feb. 7. The company, known as EPS, had a consolidated net income of 26.8 billion dinars in 2011.

To contact the reporter on this story: Misha Savic in Belgrade at msavic2@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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