October 28 (SeeNews) - Croatian oil pipeline operator Janaf reported on Thursday a net profit of 196.4 million kuna ($30.3 million/26.1 million euro) for the first nine months of 2021, down from 233.4 million kuna in the same period of 2020.
The company's revenue from its core business - transportation of oil and warehousing of oil and oil derivatives, totalled 553.3 million kuna in the first nine months of 2021, down 2.9% on the year and 5% more than planned for the period, as the decline was due to the lower exchange rate of the US dollar, the company said in a consolidated financial statement filed to the Zagreb bourse.
Overall revenue totalled 565 million kuna, 3% lower on the year but 5.3% higher then expected. Total costs stood at 325.5 million kuna, up 9.3% on the year mostly due to higher amorisation costs, Janaf said. The total costs were 7.2% lower than planned, it added.
Croatia's ministry of state assets controls 52% of Janaf's share capital, the government's centre for enterprise restructuring and privatisation, CERP, owns 26%, and oil and gas company INA has a 12% stake.
Janaf has crude oil and oil products terminals located on the island of Krk, as well as in Sisak, Virje, Slavonski Brod and Zitnjak. It operates 622 kilometres of pipelines.
Janaf's shares traded at 4,760 kuna on the Zagreb bourse intraday on Thursday, unchanged compared to the closing price on Wednesday.
(1 euro = 7.512 kuna)