July 27 (SeeNews) - Croatian oil and gas company INA [ZSE:INA-R-A] said on Friday its first-half consolidated net profit fell 39% on the year to 533 million kuna ($83.8 million/72 million euro).
INA's net sales revenue rose by an annual 13% to 9.5 billion kuna in January-June, mainly driven by higher sales resulting from higher crude oil and product prices, which were partially offset by slightly lower upstream production volumes, the company said in a Zagreb bourse filing.
The company's earnings before interest, tax, depreciation and amortisation [EBITDA] excluding special items, grew 5% to 1.6 billion kuna.
CAPEX was at the level of the same period of 2017 and amounted to 518 million kuna with a continued focus on Croatian investments.
Last month, INA said was is acquiring Eni Croatia BV, a wholly-owned member of the Eni Group, and becoming the 100% owner and the sole operator of the Northern Adriatic and Marica offshore gas fields. The Eni Group, through Eni Croatia BV, participated in the joint project for gas production in Croatia’s offshore areas Northern Adriatic and Marica.
Once completed, the acquisition will play its role in arresting the gas production decline in the years to come, INA said on Friday.
Hungary's MOL is the biggest shareholder in INA with a 49.08% stake. The Croatian government owns 44.84%, with the remaining 6.08% held by institutional and private investors.
(1 euro=7.40157 kuna)