Croatia’s INA 9-mo Cons Net Profit from Continuing Operations Falls 59.3%

“The global recession accompanied by the credit crunch, lower crude oil prices and deteriorating refinery margins had negative influence on the financial performance and the financial position of INA Group,” the company said in its consolidated financial report filed with the Zagreb Stock Exchange.

“The Management is highly committed to stabilize [the] financial position and improve liquidity through strict measures to cut operating expenses to the year end,” the statement said.

Total sales revenue from continuing operations fell 33% on the year to 14.23 billion kuna in the nine months to September.

Operating expenses from continuing operations dropped 27% on the year to 14.57 billion kuna over the review period while total operating income was down 30% to 15.31 billion kuna.

The retail segment operated 489 petrol stations - of which 438 in Croatia, 44 in Bosnia and Herzegovina, six in Slovenia and one in Montenegro, as of September 30, 2009, an increase of four petrol stations compared to a year earlier, the company said.

INA explores and drills for oil and gas in Croatia, Angola, Egypt, Syria and Iran. It owns two refineries in Croatia and runs the biggest domestic fuel retail chain.

INA shares were trading down 3.51% at 1,640 kuna by 1256 GMT on Tuesday.

(1 euro=7.23 Croatian kuna)