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.
Richter Shareholders Approve HUF 423/Share Dividend
Liz & Chain Rooftop Bar Debuts Sustainable Cocktails
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
