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.
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