Croatian oil group INA said on Monday its nine-month net profit fell 51.2% year on year, while sales rose 24% to HRK22.3 billion ($4 billion).
INA said its net profit of HRK355 million was considerably lower than the same period last year due to currency losses. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 20% to HRK2.4 billion. “Net profit fell because of currency losses, primarily related to the strengthening of the US dollar in the third quarter,” INA’s CEO Tomislav Dragicevic said in a statement, released through the Zagreb bourse. He also said that INA had continued its investment cycle, pouring in more than HRK2.8 billion this year, mostly in modernization of its two refineries.
Hungary’s MOL is the biggest single INA shareholder with a share of 47.25%, while the Zagreb government owns 44%. MOL has said its aim is to become a majority owner. Some local media speculated that it had already secured a majority influence through friendly investment funds.
INA is the main petrol retailer in Croatia. It has upstream and downstream segments and is involved in gas and oil exploration in the Middle East and Africa. (Reuters)