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INA’s Half-Year Net Rises 76% to 372 Million Kuna From Year Ago

July 30 (Bloomberg) -- INA Industrija Nafte d.d., the Croatian refiner controlled by Hungary’s Mol Nyrt., said its profit rose 76 percent in the first half of 2014 on increased production.

Net income rose to 372 million kuna ($65.2 million), while revenue fell 12 percent to 11.8 billion kuna and earnings before interest, taxes, depreciation and amortization declined 18 percent to 1.47 billion kuna, the Zagreb-based company said in a regulatory statement today.

Croatia’s biggest energy company had its first annual loss in four years in 2013 as the extended recession stymied the company’s efforts to make up for lost income from its Syrian plant. The company pulled out of its profit-driving gas and oil facilities in Syria in February 2012 to comply with European Union policy on the Middle Eastern country.

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

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

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