Croatia’s INA 9-Month Net Income Slumps 59% to 386 Million Kuna

INA Industrija Nafte d.d., the Croatian oil refiner controlled by Hungary’s Mol Nyrt., said nine-month profit slumped 59 percent as the European Union’s newest member state struggles to exit a recession.

Net income fell to 386 million kuna ($70 million) from 933 million kuna a year earlier, the Zagreb-based company said in a regulatory statement today. Sales dropped 8 percent to 20.7 billion kuna, while earnings before interest, taxes, depreciation and amortization fell 24 percent to 2.8 billion kuna.

INA’s profit last year slumped 62 percent after the company halted its profit-driving gas and oil plant in Syria to comply with European Union policy on the middle Eastern country, wracked by a civil war.

“Despite the economic slump and mixed external environment, INA continues to significantly contribute to the domestic economy at the time of a crisis,” Zoltan Aldott, the head of the management board, said in the statement.

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.

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