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INA margins narrow, MOL takes loss in Croatia in Q4

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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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