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MOL Croatia unit books H1 profit of HRK 663 mln

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INA, the Croatian unit of Hungarian oil and gas company MOL, on Tuesday said it booked net profit, excluding special items, of HRK 663 million (€88.2 million) in the first half.

EBITDA reached HRK 2.450 billion and operating profit was HRK 1.177 billion, also excluding one-off items.

INA said its bottom line was hit by a regulatory cap on retail gas prices in Croatia, the economic slowdown and the halt of revenue from its operations in Syria. The depreciation of the HRK to the USD resulted in a HRK 251 million financial loss, it added.

Operating profit of the exploration and production segment fell to HRK 2.089 billion as hydrocarbon output plunged 28%, mainly because of the halt in production in Syria and losses of INA's gas trading business.

The refining and marketing segment generated a loss of HRK 610 million, due in part to inventory revaluation.

"INA has delivered positive results in the first half of 2012, despite no revenues received from Syria, significant losses generated in the gas trading business due to regulatory constraints, and a decreased regional demand negatively affecting the refining and marketing business, which could not have been achieved without recent year's efforts to improve business processes and operational efficiency," said INA management board president Zoltán Áldott.

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