October 29 (SeeNews) - In ZAGREB story "Croatia's INA 9-mo cons net profit falls 9% y/y" dated October 29, please read the headline as "Croatia's INA 9-mo cons net profit rises 9% y/y" (corrects verb).
The rest of the story remains unchanged, as follows:
Croatian oil and gas company INA [ZSE:INA-R-A] recorded a consolidated net profit of 1.056 billion kuna ($162 million/142 million euro) in the first nine months of 2018, up 9% on the year, it said.
INA's net sales revenue rose by an annual 21% to 16.227 billion kuna in January-September, mainly driven by the higher sales of refined products, which were partially offset by slightly lower upstream production volumes, the company said in an interim financial report posted on its website on Friday.
The company's earnings before interest, tax, depreciation and amortisation (EBITDA) excluding special items, grew 11% to 2.685 billion kuna.
CAPEX amounted to 912 million kuna, up 11%, with a focus on investments in Croatia, the company said.
Refining volumes increased in the third quarter, offsetting the earlier regular maintenance activities and bringing the 2018 throughput to somewhat higher level in relation to the comparable period of 2017. Crude basket continues to be expanded thus altering the production yield, but we are also processing more favorable crude types.
Hungary's MOL is the biggest shareholder in INA with a 49.08% stake. The Croatian government owns 44.84%, with the remaining6.08% held by institutional and private investors.
(1 euro = 7.4361 kuna)
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