Croatia: INA Group Posts us$197m Loss
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Monday, 30 March 2009 |
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INA oil group reported a consolidated net loss of $197.1 million in 2008, mostly due to a cap on fuel prices.
"Higher prices of imported fuel, falling prices of crude and the
firming U.S. dollar had negative effects on our business results,"
INA's Chief Executive Tomislav Dragicevic said in a statement.
INA said its overall sales in 2008 rose 11 percent over 2007 to
us$5.1bn, but its fuel business made losses of us$197m. "We had
an increase in sale of imported fuel, bringing negative effects due to
regulated prices on the local market," the statement said.
INA's biggest shareholder is Hungary's MOL, with a 47.2 percent stake.
The government owns 44.8 percent in the company, which has both
upstream and downstream segments.
INA is active in the Middle East and Africa and owns two refineries
undergoing modernisation. The Croatian government and MOL decided
in January that the government will take over the fuel business from
INA this year. In 2007 INA made a net profit of us$154m.
PetrolWorld 270309
1us$ = 5.63 Croatia Kuna
1€ = 7.84 Croatia Kuna
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