State-owned oil pipeline operator Janaf generated a net profit of 196.4 million kuna (€26m) over the first nine months of 2021, or 15.9 percent down from the same period in 2020, state news agency Hina reported on Thursday, citing the company's financial report.

Revenues totaled 565 million kuna (€75m), some 3.0 percent down year-on-year – although this was 5.3 percent up from projections. Revenues from the company’s core business – oil transport and storage – were 555.3 million (€74m), down by 2.9 percent year-on-year. This drop was “partly due to a lower US dollar exchange rate,” Hina said.

Some 344.2 million kuna (€46m) or 62 percent of the core business’ revenue, was generated from foreign markets, while 211.1 million kuna (€28m) was earned on the domestic market.

Expenditures increased by 9.3 percent to 325.5 million kuna (€43m). The company said they invested nearly 87 million kuna (€11m) in storage space, in surveillance, management, safety and security systems, and in IT systems, over the same period.

(€1 = 7.52 kuna)