INA margins narrow, MOL takes loss in Croatia in Q4
Losses of Hungarian oil and gas company MOL’s Croatian unit INA grew in the fourth quarter as margins narrowed, INA’s consolidated report published today shows. INA booked a HRK 1.89 billion (HUF 76.4 billion) loss in the period, well down from the HRK 253 million loss taken in Q4 2012.
Sales revenue fell 8% to HRK 6.66 billion, while operating costs rose 20% to HRK 9.18 billion, putting the company HUF 2.28 billion in the red at operating level.
For the full year, INA booked a loss of HRK 1.51 billion.
MOL holds just a fraction less than a controlling stake in INA, while the Croatian government owns almost 45%. The two shareholders have long been at odds over the way the company is managed, and tensions rose last October, after Croatian police issued an arrest warrant for MOL chairman/CEO Zsolt Hernadi, who is wanted under suspicion for having bribed now convicted former Croatian Prime Minister Ivo Sanader to land MOL management rights in INA.
ADVERTISEMENT
Mapei Targets 6% Higher Revenue This Year
Parliament Negates Mandatory Membership in MOK
Number of Residential Developments in Cities Falls 9%
Veronika Spanarova Wins Expat CEO of the Year Award 2023
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
