ZAGREB, Nov 6 (Hina) - In the first nine months of this year, the Croatian oil company INA, realised a total revenue of US$1.2 billion and a profit of $101 million, INA chiefs reported at a press conference on Wednesday.
ZAGREB, Nov 6 (Hina) - In the first nine months of this year, the
Croatian oil company INA, realised a total revenue of US$1.2
billion and a profit of $101 million, INA chiefs reported at a press
conference on Wednesday. #L#
These financial results were realised despite poorly planned
physical indicators in manufacturing and sales. The production of
oil and derivatives in the first nine months amounted to about
954,000 tonnes (the plan for the entire year is around 1.2 million
tonnes).
Data relating to production indicate that in the first nine months
3.4 million tonnes of oil derivatives were manufactured, while the
plan for the entire year was to manufacture 5.1 million tonnes. INA
will manufacture and sell around 4.6 to 4.7 million tonnes of oil
derivatives which is less than that intended due to the decreased
market (problems on the Slovenian and Bosnian markets and most
probably the loss of the market in Montenegro), president of INA's
board Tomislav Dragicevic explained.
Financial results, however, indicate that in the first nine months
of this year, INA realised a profit of $100 million. Dragicevic
expects profits to remain at that level at the end of the year or
perhaps more.
These profits include partial revenue from the sale of the White
Nights oil field in Siberia, amounting to $25 million, realised at
the end of September, INA pointed out.
INA officials stressed that this information relating to the
balance sheep indicated that in the past two years, the company had
increased its value. At the end of 2000, the net assets and capital
of INA amounted to around $700 million, while at the end of
September this year, this amount was around $1billion, Dragicevic
said.
INA chiefs denounced all objections relating to any relevance of
today's press conference and the appearance of the so-called "white
book" - a document by anonymous authors describing the situation in
INA as well as objections that the state, by allowing different
measures (the free formation of prices and a high profit margin),
enabled INA to make this profit.
(hina) sp it sb