Croatia's national oil and gas company Ina generated a net loss of 965 million kuna (€128.5 million) over the first six months of 2020, according to its financial report released on Tuesday.

Overe the same period last year, the company posted a profit of 188 million kuna (€25 million), which shows to what extent the economic lockdown and the crisis caused by the coronavirus pandemic had affected its business performance.

Total revenue in the first six months of 2020 reached 7.4 billion kuna (€985 million), down by 27.5 percent from 10.2 billion kuna (€1.36 billion) in H1 2019. Expenditures dropped by 15.5 percent year-on-year, to 8.4 billion kuna (€1.12 billion), and EBITDA fell by 31 percent to 814 million kuna (€108 million).

The company noted that although its result was still negative, it was significantly less so than in Q1 2020, when its EBITDA loss was 54 million kuna (€7.2 million), attributed to “external environment.”

(€1 = 7.51 kuna)