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UPDATE 1 - Croatia's INA 9-mo cons net profit falls 36%

UPDATE 1 - Croatia's INA 9-mo cons net profit falls 36% Croatian energy firm INA, Photo:

ZAGREB (Croatia), October 28 (SeeNews) - Croatian oil and gas company INA [ZSE:INA-R-A] recorded a consolidated net profit of 679 million kuna ($101 million/91 million euro) in the first nine months of 2019, down 36% on the year, it said on Monday.

INA's net sales revenue rose by an annual 2% to 16.550 billion kuna in January-September, the company said in an interim financial report filed with the Zagreb Stock Exchange (ZSE). 

The average price of crude oil declined slightly during the first nine months of the year, leading to an 18% drop in the company's earnings before interest, tax, depreciation and amortisation (EBITDA) to 2.208 billion kuna. 

CAPEX soared by 69% to 1.541 billion kuna, with a focus on investments in Croatia, the company said.

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 = 7.38553 kuna)