INA Q1 profit down 79%
Croatian oil and gas company INA, a subsidiary of Hungaryʼs MOL, had net income of HRK 50 mln (€6.6 mln) in the first quarter, down 79% from the same period a year earlier, an earnings report published last week revealed, according to state news agency MTI.
Earnings per share reached HRK 5 while revenue fell 31% to HRK 3.8 bln. Operating costs fell at the same pace to HRK 3.67 bln. Revenue of INAʼs upstream business fell 43% to HRK 1.24 bln while profit of the segment was down 29% at HRK 701 mln. INA noted the effect of lower oil prices and adverse regulatory changes on its business.
Production volume rose 6%, with domestic crude production up 20%, showing the effect of intensive workovers and production optimization activities, INA said. Revenue of the downstream segment fell 32% to HRK 2.58 bln. The business had a HRK 435 mln loss, albeit an improvement over the HRK 491 mln loss in the same period a year earlier.
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