29 October 2009 07:36 [Source: ICIS news]
LONDON (ICIS news)--Polimeri Europa, the petrochemical division of Italy-based Eni, has reported a third-quarter adjusted net loss of €46m ($68m), an improvement on the loss of €57m it posted in the same period last year, the company said on Thursday.
The division’s adjusted operating profit for the period increased 7.1% to €70m, while, its net sales for the third quarter decreased by 33% year on year to €1.74bn for the three-month period ending September 30.
These losses were due to a prolonged weakness in industry fundamentals reflecting lower end-markets demand and high competitive pressures, Eni said in a statement.
Sales of basic petrochemicals in the third quarter were down 41% to €513m, while sales of polymers dropped 25% to €600m.
At group level, Eni’s net profit was down 57.8% year on year to €1.24bn for the third quarter and net sales fell 32% to €19.1bn.
The results come from a quarter where there has been significantly reduced demand and lower hydrocarbons prices, Eni CEO Paolo Scaroni said.
“The Company’s recent achievements, including winning a licence to develop the giant Zubair oilfield in Iraq and the large Perla gas discovery off the Venezuelan coast, mark decisive progress in our strategy to build leading positions in the world’s fastest-growing production areas.”
($1 = €0.68)
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