Zagreb, July 30 – INA Group continued with strong operational results and reached HRK 4,093 mln EBITDA in the first half of 2011, excluding special items, what is an increase of 87% compared to the same period of previous year, while operating profit, excluding special items, more than doubled in the first six months of 2011, reaching HRK 2,507 mln. Net profit of INA Group in H1 2011 has shown a strong improvement over the same period last year, reaching HRK 1,946 mln compared to HRK 108 mln net loss realized in H1 2010.
This trend of improved results is reflecting more efficient operations and performance of key businesses, positive contribution of key investment projects and a generally better external environment.
“One more successful quarter is behind Ina where good results were delivered showing that the company is on the path of regaining profitability and delivering value to its shareholders. Glancing at our results, exploration and production has delivered strong operating result backed by key development projects which started to generate returns visible in the increased levels of production. Nevertheless the Refining and Marketing segment was still influenced by ambiguous environment with reduced average crack spreads but improving margins on certain products. However, key activities of the segment will be aimed at stabilizing operations and continuing with further value creating investments in our refining system and market optimization to strengthen competitiveness and market position.
After stabilizing operations in the previous year and concluding a strong investment cycle, we are focusing on further continuing to improving the efficiency of operations and identifying potential areas for new investment opportunities. Therefore, INA is aiming to continue its key investment programs, including development of upstream projects in Syria and North Adriatic region and exploiting opportunities in Croatian onshore exploration. We will further proceed with value creating investment programs in our refineries and within the framework of retail network modernization and revitalization by the end of 2011 around 50 petrol stations will be modernized.” – said Mr. Zoltán Áldott, president of INA Management Board.