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Croatia - Energy & Utilities, Economy & Statistics

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MOL hit by refining weakness; reports Q3 earnings for group, Croatia's INA

Krisztina Than - 19.11.2009

Hungarian oil and gas group MOL reported third-quarter net profit of 12.9 billion forints ($71 million), versus a loss of 4.9 billion forints in the same period of 2008, with Croatia's INA consolidated in MOL's results for the first time.

Excluding INA, MOL had an operating profit of 36.4 billion forints, compared with 36.6 billion last year, and net profit of 11 billion. INA's operating profit contribution was 4.8 billion forints, resulting in a group operating profit of 41.2 billion, excluding special items.

The group's refining and marketing segment reported an operating loss of 1.7 billion forints, including a 7.1 billion operating loss contributed by INA.

INA has both upstream and downstream segments and owns refineries in Sisak and the Adriatic port of Rijeka. The company is active in gas and oil exploration in Africa and the Middle East.

MOL (www.mol.hu) holds a 47% stake in INA (www.ina.hr), while the Croatian government owns some 44%.

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