Institute Simo Milosevic incurring losses – Igalo-based company soon to be privatized

The Institute Simo Milosevic in Igalo lost EUR 880,820 in the first six months of 2018, that is, 13.5% more than in the same period last year.

Its operating income grew from last year's EUR 3.97 million to EUR 4.38 million in the first six months, whereas the operating expenses increased from EUR 4.62 million to EUR 5.12 million.

Compared to the same period last year, salary costs increased from EUR 2.5 million to EUR 2.8 million.

The costs of materials are larger by around EUR 100,000, and other operating expenses increased by EUR 150,000. Short-term and long-term liabilities of the institute amount to EUR 6 million.

The Igalo-based company, which should enter the privatization procedure this year, has 1.07 million in undistributed profit from past years, not counting the loss in the first six months of 2018.

Institut dr Simo Milošević a.d. Igalo

Opština Herceg Novi

Institute Simo Milosevic Igalo

privatization of Institute Simo Milosevic Igalo

Institute Simo Milosevic Igalo operations

Igalo

Herceg Novi