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First-quarter net income of Croatia-based oil-and-gas company INA, a subsidiary of MOL, slipped 8% to HRK 241 million (€31.7m) from the same period a year earlier as revenue plunged, a fresh earnings report shows.
Revenue was down 22% at HRK 5.54 billion. Refining and marketing generated HRK 3.80 billion of the total. Exploration and production brought in HRK 2.17 billion.
INA attributed the fall in revenue to an effort to bring natural gas sales close to domestic production levels and the adaptation of refinery utilization and sales of refined products.
Operating profit fell 4% to HRK 390 million. Earnings per share came to HRK 4.3.