INA Industrija Nafte d.d., the Croatian refiner controlled by Hungary’s Mol Nyrt., said half-year net income fell 94 percent from a year earlier to 108 million kuna, the Zagreb-based company said in a statement today.
Revenue fell to 14.5 billion kuna from a revised 14.7 billion kuna a year ago, while earnings before interest and tax, depreciation and amortization was 2.2 billion kuna, the company said.
“Ina achieved a positive result in the first half despite the absence of income from Syria, and losses in natural-gas sales due to regulatory constraints,” said Zoltan Aldott, president of Ina’s management board, said in the statement released through the Zagreb Stock Exchange. “Our aim for the rest of the year is to start a strong investment cycle.”
The refiner pulled out of its profit-driving gas and oil plant in Syria on Feb. 27 to comply with European Union policy on the Middle Eastern country.