Hungarian oil and gas company MOL's Croatian unit INA racked up a first-quarter loss of 572 million kunas (€77.5 million) as margins narrowed and the kuna weakened against the dollar, the Austrian Press Agency reported, citing INA's report.
INA, in which MOL holds a 47.15% stake, had profit of 596 million kunas in Q1 2008. Revenue fell 21% to 4.5 billion kunas. Financial losses came to 833 million kunas as the currency weakened against the dollar and the company's net debt rose to 7.9 billion kunas from 6.6 billion kunas.
INA's gas unit, which it agreed to sell to the state-owned gas network operator Plinacro by July 1 as part of a deal between MOL and the Croatian government, had a 306 million loss. INA had a 1.1 billion kuna loss in 2008, after booking a 869-million-kuna profit in 2007. (MTI – Econews)