ZAGREB (Croatia), August 2 (SeeNews) – Croatian oil pipeline operator Janaf reported a consolidated net profit of 135.1 million kuna ($21.4 million/18 million euro) for the first half of 2021, down 9.2% on the year, as its total costs rose faster than core business revenue.
Yet, first-half profit was 30.1% above plan, the company said in a consolidated financial statement filed to the Zagreb bourse last week.
Revenue from core business - transportation of oil and warehousing of oil and oil derivatives, totalled 371.1 million kuna in the first six months of 2021, up 1% on the year and 4.4% more than planned for the period.
Total costs stood at 213.1 million kuna, up 10.2% on the year, mainly due to higher amortisation costs. Yet, total costs were 8.9% lower than planned, it added.
Gross profit for January-June amounted to 164.8 million kuna, down 9.2% on the year and 30.1% higher up than planned.
Croatia's ministry of state assets controls some 52% of Janaf's share capital, followed by the government's centre for enterprise restructuring and privatisation, CERP, with some 26%, and oil and gas company INA with some 12%.
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 last traded on the Zagreb bourse on July 29, when they closed unchanged at 4,500 kuna.
(1 euro = 7.498 kuna)