July 29 (SeeNews) - Croatian oil and gas company INA [ZSE:INA-R-A] said on Thursday it turned a consolidated profit of 534 million kuna ($84.5 million/71.1 million euro) in the first half of 2021, compared to a loss of 965 million kuna a year earlier, as operating revenue surged 31% on the back of rebound in oil and natural gas prices.
“Year 2021 continues to show a more optimistic forward-looking environment, which is no surprise after unseen difficulties that 2020 brought to the world economy. Recovery of oil and gas prices, as Brent price exceeded $70 in brief periods, is a good sign not only for INA but for the whole oil and gas industry,” CEO Sandor Fasimon said in a filing to the Zagreb bourse.
INA's net sales revenue rose to 9.27 billion kuna in January-June from 7.08 billion in the same period of last year.
An increase of 31% of INA's revenue is a strong result but is it still below the pre-crisis, first half 2019-level, Fasimon added.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) swung to a positive 1.239 million kuna, from a negative 53 million kuna in the first half of last year.
Higher prices of Brent resulted in 306 million kuna higher revenue from sales of unprocessed oil and condensates, while higher gas prices brought 191 million kuna higher revenue from gas sales.
Capital expenditure rose 20% year-on-year to 221 million kuna in January-June.
INA's shares closed 1.23% higher at 3,300 kuna on the Zagreb bourse on Wednesday. They did not trade on Thursday.
(1 euro = 7.507 kuna)
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