mol janaf ina naftovod.jpg
Photograph: HINA/ MOL/ ds

The JANAF oil pipeline company in Q1 generated a net profit of HRK 53.8 million, which is an increase of 85% compared to the same period last year, the company reported on Wednesday.

The company's gross profit in Q1 amounted to HRK 67.2 million and its net profit was HRK 53.8 million, which is an increase of 85% on the year, a press release notes.

Total consolidated income increased by 18.8% y-on-y and amounted to HRK 175.4 million while total expenditure decreased by 2.9% to HRK 108.2 million.

Income from the company's core business - oil transport and warehousing - increased by 23.9%.

Income from the transport of oil comprises 60.6% of the total income generated by the company's core business and in Q1 it was 18.6% higher on the year, mostly owing to new deals on oil transport for foreign buyers, the company underscored.

As at 31 March 2016, the company's investments amounted to HRK 380.1 million.

JANAF has concluded contracts for the transport of oil and the storage of oil and oil products for 2016 in the amount of some HRK 630 million, which is a sound indicator of the company's growing business that leads to good business results, the company said.

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