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.
"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)
