INA profit up 21% y.o.y. and 51% in 9 mos.

Telco

Croatian oil and gas company INA, subsidiary of its Hungarian peer MOL, had net profits attributable to shareholders of HRK 211 mln in the third quarter, up 21% on HRK 175 mln a year earlier.

Net profit for the first nine months of the year came to HRK 583 mln, 51% more than the HRK 386 mln result a year ago, the company's IFRS report showed on Thursday, according to MTI. The results were achieved in spite of unfavorable external environment in the downstream segment and regulatory burden on the upstream operations, the company said.

EBITDA fell 13% in Q3 to HRK 925 mln. Net sales revenue was down 4% to HRK 7.103 bln in Q3. Meanwhile, INA increased its crude oil production by 2% in the first nine month compared to the base period.

The refining and marketing segment, including retail, reported an EBITDA loss of HRK 594 mln in Q1-Q3, more than double the loss of HRK 254 mln a year ago. INA's board is discussing the future of its refinery operations, and the Croatian government, the junior stakeholder in INA, fears that it wants to close one of its two refineries in Croatia in Sisak, MTI reported earlier. 

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