INA - Industrija nafte published financial results of INA Group for the first half of 2012. INA has delivered positive results in the first half of 2012 with EBITDA of HRK 2,450 million excluding special items. Operating profit excluding special items amounted to HRK 1,177 million while net profit excluding special items was at HRK 663 million.
These results were achieved despite the changes in the external macro environment, depressed market demand, regulatory and political changes, and prolonged economic slowdown in core markets which significantly affected company operations in the first half of 2012. While Croatian operations are influenced by regulatory constraints in respect of the capped natural gas prices for households and small industrial companies, prolonged economic slowdown had a significant effect on further depressed marked demand for crude oil products, while INA suffered from lost revenues from Syrian operations in its international portfolio. Besides the operational developments, INA results were negatively influenced by the depreciation of the HRK against USD, resulting in HRK 251 mn financial losses for the first half of 2012 compared to HRK 310 mn gains in the same period last year.
