The Adriatic Pipeline (Janaf) achieved a net profit of 96.8 million kuna last year, which is 57.7 percent higher compared to the previous year, according to the unaudited, unconsolidated financial report released today by the company.
The net profit would have been 35.7 percent higher last year compared to the year before if the tax relief for reinvested profit had not been utilized, the report states. The total revenues of the company reached 487.6 million kuna during that period, which is 9.6 percent higher compared to 2011. This is the result of higher realization of other business and financial revenues than planned.
Revenues from Janaf’s core activity – the transportation and storage of oil and oil derivatives – amounted to 395.6 million kuna, which is a decrease of 2.2 percent compared to the previous year. Total expenses last year were 383.2 million kuna, which is an increase of 13.8 million or 3.7 percent compared to 2011.
In the last quarter of last year, however, Janaf achieved a net profit of 36.5 million kuna, approximately 23 million more than in the same period of 2011. At the same time, total revenues reached 163.79 million kuna, which is 17 million more, while total expenses were 134.63 million kuna, or approximately 4 million more than in the last quarter of 2011.
