Croatian Refiner INA Turns to Cons Net Profit in 2016
Croatian oil and gas company INA [ZSE:INA-R-A] said on Monday it turned to a consolidated net profit of 101 million kuna ($14.4 million/13.6 million euro) in 2016, from a net loss of 1.4 billion kuna last year, on the back of strong exploration and production.
The reported net profit results are attributable to equity holders.
Net sales revenues dropped 17% to 15.6 billion kuna last year, INA said in a statement filed with the Zagreb bourse.
"After a long period of negative price environment and political turmoil in Syria, in the second half of 2016 the situation relatively stabilised, which was reflected on INA financial results: for the first time after several years no significant impairments were booked," Zoltan Aldott, president of the management board, said in the statement.
INA's consolidated profit from operations reached 607 million kuna in the period last year, compared to a 1.3 billion kuna loss in 2015.
The company noted that exploration and production remained the main cash generator during 2016, aided by the ongoing programme of operational adjustment to lower commodity prices.
INA's consolidated earnings before interest, tax, depreciation and amortisation [EBITDA], excluding special items, decreased 18% on the year to 2.4 billion kuna.
Capital expenditures fell 16% to 1.39 billion kuna in 2016, as the company undertook a disciplined approach to spending to ensure the stability of its financial position.
On December 31, INA Group operated a retail network of 495 Retail sites - 387 in Croatia, 101 in Bosnia and Herzegovina, six in Slovenia and one in Montenegro.
Starting from the July 1, 2016, Bosnia's Energopetrol was integrated to INA Group retail segment, after it increased its share in the company from 33% to 67%.