Croatia’s INA Turns to Net Profit on Devaluation of Syrian Assets

Croatia’s INA registered a net loss in 2013 on a devaluation of its Syrian assets, lower sales and a fall in refinery margins. 

INA's net loss amounted to 1.5 billion kuna ($268 million) compared with a 681 million kuna net profit in 2012. 

"External factors strongly affected our financial results as we revised the value of our Syrian assets given the political risks there. However, it had no effect on our cash position," INA's Chief Executive Zoltan Aldott said. 

Earnings before interest, taxes, depreciation and amortization fell to 3.7 billion kuna from 4.6 billion kuna a year earlier. 

INA is also Croatia’s fourth-biggest employer and one of the country’s biggest investors. It has spent about 17 billion kuna in the last decade to expand its operations in Croatia, Syria, Egypt and Angola.