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%.

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