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Lower oil prices put INA in the red

Telco

INA, the Croatian unit of Hungarian oil and gas company MOL, had a first-quarter net loss of HRK 66 million, deteriorating from a profit of HRK 50 mln in the base period as oil prices fell, an earnings report shows, according to Hungarian news agency MTI.

Net sales revenue fell 31% to HRK 2.602 bln. 

INA had a HRK 159 mln loss at operating level, but a net financial gain lifted the bottom line. 

Earnings per share came to a negative HRK 7. 

CAPEX was up 45% at HRK 342 mln.

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