Croatia's INA Turns to Cons Net Loss in H1

Croatian oil and gas company INA [ZSE:INA-R-A] said on Tuesday it turned to a consolidated net loss of 965 million kuna ($150.8 million/128.6 million euro) in the first half of 2020, from a profit of 188 million kuna in the same period last year.

INA's net sales revenue fell 28% year-on-year to 7.08 billion kuna in the January-June period, as the price of oil and gas plummeted due to the coronavirus pandemic, the company said in an unaudited consolidated financial report filed with the Zagreb Stock Exchange (ZSE).

"With the easing of the restrictive measures connected to COVID-19 pandemic, the global oil market has started to stabilise, but the oil and gas industry is far from a full recovery," INA said.

Six-month EBITDA excluding special items turned to a negative 54 million kuna, from a positive 1.1 billion kuna in January-June 2019.

Capital expenditure plummeted 56% to 518 million kuna in the review period.

"CAPEX was significantly lower compared to H1 2019 due to the high base effect, as a major turnaround in the Rijeka refinery in 2019 boosted investments last year," INA added.

Net sales in the exploration and production segment fell by 41% to 1.18 billion kuna and the segment's EBITDA excluding special items decreased by 55% to 554 million kuna.

Moreover, net sales in the refining and marketing segment fell 27% to 6.8 billion kuna, with the segment's EBITDA excluding special items amounted to a negative 682 million kuna, compared to a negative 63 million kuna in the same period last year.

INA's shares last traded on July 24 on the ZSE, closing 0.69% higher at 2,900 kuna.

(SeeNews, July 28, 2020)