INA made a 2020 first-half net loss of HRK 965 million

by   CIJ News iDesk VII
2020-07-29   10:51
/uploads/posts/ccbfba089008445454a378b00418177cb973415f/images/873133916.jpg

The Croatian oil company INA made a net loss of HRK 965 million over the first six months of the year, according to data from its consolidated and unaudited financial statements. It was a disappointing result for a company that made a profit of HRK 188 million for the same period in 2020. The clear cause of the change in fortune is the crisis caused by the coronavirus pandemic.

INA's total revenues in the first six months of the year came to HRK 7.4 billion, 27.5 percent less than for the same period last year. Expenses were also down 15.5 percent this year at HRK 8.4 billion. The company was forced to reduce capital investments as retail sales fell 16 percent.