Croatian company INA has reported a 90% rise in profits, bringing the figure up to US$ 327 million. The company’s overall sales rose by 16% as well as production, which rose by 14%; increased oil prices (31% up on the previous year) also contributed to the increase in profit.
The company announced in a statement that the “improved results are mostly due to external factors, including crude price movements and an increased production of hydrocarbon. However, out efforts to improve efficiency and cost management also contributed to our positive results.”
INA has, however, provided a somewhat gloomy forecast for the coming year, citing an increasingly poor business environment, economic instability in the eurozone, and the continuing violent disruption in Syria, a region where INA has assets.
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