Croatian INA nine-month profit increases almost three times on strong sales.

By bne IntelliNews November 2, 2011
Croatian oil and gas company INA posted a consolidated net profit of HRK 2.07bn (EUR 279.5mn) in the first nine months of 2011, up from a profit of HRK 559mn a year ago, the company said in a bourse filling. The group's net sales revenue rose by 18.1% y/y to HRK 24bn, while the total expenses increased by 8.9% y/y to HRK 21.2bn. The sales revenue was the main contributing factor for the increase in the total revenue that jumped by 22.8% y/y to HRK 22.7bn. Croatia's government requested from the state prosecution to protect the state's ownership and management rights in oil and gas company INA. The announcement followed a statement of the European Commission that the amendment to the INA privatisation act, which envisages that no one except for the government can hold over 49% of INA was not in accordance with the acquis communautaire. The amendment was the government's reaction in response to the latest indictment, issued by the national anti-corruption office (USKOK). Former PM Ivo Sanader was suspected in taking EUR 10mn in bribes to secure management rights in INA for Hungary's oil and gas company MOL. As recalled, MOL is the biggest shareholder in INA with a 47.46% stake plus an option for an additional 1.6%, while the Croatian government owns 44.84%.

Related Articles

Croatian govt to acquire four companies part of 3.Maj shipyard.

The Croatian government decided on Thursday, March 21, to take over the ownership of all four companies part of local shipyard 3.Maj after which the privatisation of the parent company will be ... more

Croatias Dukat to make takeover bid for Slovenias Ljubljanske Mlekarne.

Croatian dairy producer Dukat said it intends to place a takeover bid for the 49.7% stake it does not yet own in Slovenian peer Ljubljanske Mlekarne. Dukats current stake of 50.3% in the ... more

Croatia's construction output down 2.1% y/y in Jan 2013.

Croatia's construction output fell 2.1% on the year in January 2013 after dropping an annual 19.9% a month earlier, the statistics office said, quoting unadjusted data. Working-day adjusted data, ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335
Dismiss