INA, the Croatian unit of Hungarian oil and gas company MOL, had net income of HRK 1.05 billion (HUF 37.8 billion) in Q1, a big improvement over a HRK 131 million loss in the same period a year earlier, INA said in a consolidated report on Friday.
Revenue rose 23% to HRK 6.94 billion during the period. Operating costs climbed at a slower clip, rising 9% to HRK 6.29 billion, causing operating profit to more than triple to HRK 1.12 billion.
"During the first quarter of 2011 INA has continued with the efficiency improvement what can be clearly seen on all levels of operations through improved competitiveness and cost levels closer to industry benchmarks, indicating that the company is on the right track and started to generate significant returns for shareholders," said chairman Zoltán Áldott.
MOL owns 47.25% of INA and the Croatian government holds 44.84%.