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INA Nine-Month Profit Declines 35% to 1.54 Billion Kuna on Syria

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Oct. 30 (Bloomberg) -- INA Industrija Nafte d.d., a Croatian refiner controlled by Hungary’s Mol Nyrt., said its profit declined 35 percent in the first nine months of the year after the refiner closed its Syrian operations in February.

Net income through September dropped to 1.54 billion kuna ($264 million), INA officials said at a press conference in Zagreb today. Revenue was unchanged at 22.6 billion kuna, while earnings before interest, taxes, depreciation and amortization fell 30 percent to 3.69 billion kuna.

INA, whose profit almost doubled in 2011, is suffering from the decision to pull 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, wracked by civil war.

Mol owns 49.1 percent of the Zagreb-based refiner, while the government holds a 44.84 percent stake. Croatia in the last two years has attempted to increase its influence in INA, after Mol won controlling rights to Croatia’s largest refiner in 2009.

To contact the reporter on this story: Jasmina Kuzmanovic in Zagreb at jkuzmanovic@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net