Croatia's INA swings to profit in Q1

"Beginning of 2024, following the previous two years turmoil, shows generally good environment with the stable oil prices but the gas prices decreased significantly compared to previous period resulting in CCS EBITDA excluding special items of 64 million euro in the first quarter," CEO Zsuzsanna Ortutay said in a filing to the Zagreb bourse.

CCS EBITDA, or net income from operations at current cost of supply excluding special items amounted to 23 million euro in the first quarter of 2023

In the January-March period of this year INA group saw an increase in EBITDA excluding special items by 62%, to 60 million euro.

Net sales revenue rose 5.0% on the year in January-March, to 801.8 million euro. Lower prices, primarily gas prices, dented sales revenues by 19.1 million euro. The average Brent crude price was 3% higher on the year in the first quarter of 2024.

Capital expenditures almost doubled on an annual comparison basis in the review period, reaching 101.4 million euro.

INA's shares last traded on the Zagreb bourse on Wednesday, closing 3.14% lower at 494 euro.

($ = 0.933 euro)