Croatian oil and gas company INA, a unit of Hungaryʼs MOL, booked a first-half loss of HRK 965 million as sales plunged because of the coronavirus crisis, state news wire MTI reports, citing an earnings report by the company.
INA had reported earnings of HRK 188 mln in the base period.
Net sales revenue declined 28% to HRK 7.08 bln because of spring lockdowns and plummeting prices.
Chairman Sándor Fasimon said recovery for the oil and gas industry is "still not near, since demand returned only partially and the price levels, especially of gas, remain too low for many assets to operate profitably", but he added that INA can emerge from the crisis stronger and "more adapt to the future trends" by continuing strategic development projects, while "keeping an eye on internal efficiency".
MOLʼs stake in INA is just under 50%, but it has management rights in the company. The state of Croatia is the other big stakeholder in the company.