Lower profit of Montenegrin Feryboat transport

Montenegrin Ferrryboat  Transportation Company from Kamenari, near Herceg Novi,  ended the second quarter with a net profit of 309 480 euros, 4.2 percent less than in the comparative period.In the first half of the year,  its revenue was 1.71 million, according to a report on business at the site of the Commission for Securities published on Sunday, and was 4.8 percent higher than the same period last year. This is the only nautical transport company in this state, which has about 300 kilometers of sea coast.Profit from operations at the end of the second quarter rose 5.7 percent to 304.970 euros. Staff costs at the end of June, weakened three percent to 518.4 thousand euro’s, the depreciation of 4.5 percent to 266.4 thousand, while other operating expenses decreased 6.3 percent to 299.4 thousand euros.Total activities of “Feryboat Transport”, which deals with transport vehicles, cargo and passengers, has increased over the same period last year 14 percent,  to 11.25 million euros. Long-term liabilities of enterprises amounted to 48 190 euros, a short-term 792 980 euros.Feryboat Transportation company was privatized in March 2004 and is owned by brothers Dejan and Dusan Ban, businessmen from Podgorica. According to the Central Depository Agency, Podgorica- based firm “Prohouse” owns 66.58 percent of shares of ferry transport company, while Dejan Ban has 33.42 percent of shares.Source: Mina Business/CDM