Board chair satisfied with INA's results against backdrop of global situation

Bearing in mind the unfavourable global situation on the market in 2015, INA managed to achieve good results last year, INA board chairman Zoltan Aldott said at a press conference on Wednesday.

INA Group’s CCS  EBITDA in 2015 rose by 9% to 3.7 billion kuna in 2015 compared to 2014, and this leading Croatian oil and gas company reinvested some 60% of its cash flow, that is over 1.6 billion kuna, according to Aldott's statement.

The group's net profit was affected by the further devaluation of its Syrian assets, however, this does not impact the cash flow, Aldott said.

Earlier on Wednesday, INA reported that its sales revenues in 2015 had come to HRK 18.86 billion, down 21% on the year, while its net profit declined by 83% to HRK 58 million, if one-off items are excluded.

If one-off items are included, INA's loss in 2015 was HRK 1.42 billion, which was 25% lower than the group's loss in 2014.

The company's investments totalled HRK 1.65 billion, down by 2% from 2014.

As for the company's refining business, Aldott said that INA had prepared an investment plan of 400 million euros for its refinery in Rijeka in 2016, and added that it could be adjusted to investment goals of the new Croatian government.

In order to implement this investment, it is necessary to have a stable tax system, and Aldot said that the problem might also arise from taxation of the refinery's products.

We must talks about that before launching this investment, he said.

Last update: Wed, 24/02/2016 - 15:44
Author: 

Related

More from Business

US unemployment rate dips to 9-year low

The US unemployment rate fell in November to 4.6 per cent, a nine-year low, the Bureau of Labour Statistics said...

Chinese firm building full-size Titanic replica for tourists

Construction has begun on the world's first full-size replica of the Titanic in China, a country that fell in love...

Erdogan calls on Turks to sell dollars and buy lira and gold

President Recep Tayyip Erdogan urged Turkish citizens on Friday to sell their dollars and buy gold and lira, as the...

EU agrees to let Germany introduce road toll, staving off legal feud

The European Commission has approved Germany's plan to introduce a road toll on its motorways, top transport...

Danish container shipping giant Maersk Line to buy German rival

Global shipping giant A/S Maersk Line of Denmark on Thursday announced plans to grow its business by buying German...