The results of the INA operational profits were below expectations, while the net profit results were above expectations.

There is no consensus on the conclusions and the information on absolute amounts were very weak, so we feel that neutral or better said slight negative influence on the price of the INA share is expected, since the share is still traded above the price level of other shares in its peer group. The predictions for 2009 are more negative mostly because of the reduction in the refinery margins and relatively low prices of crude oil. This was commented by Erste Bank analysts, based on the INA financial reports announced on March 27 at the Zagreb Stock Exchange. It is evident from the report that most of the losses were accrued in Q4.
(AmCham)