Eni's petchems sector swings to a Q3 net profit of €18m

28 October 2010 13:39  [Source: ICIS news]

LONDON (ICIS)--Eni’s petrochemicals division swung to an adjusted net profit of €18m ($24.7m), reversing a prior-year loss of €46m during the same period last year, mainly driven by increased sales volumes and cost efficiencies, the Italian energy major said on Thursday.

Net sales from the business segment during the third quarter jumped 28.5% year on year to €1.5bn, while it reported an adjusted operating profit of €31m, up from a €65m loss in the same quarter in 2009.

“These improvements were driven by a better operating performance …and due to recovery in product margins, cost efficiencies and increased sales volumes which were up by 1.6% in the third quarter,” Eni said.

At group level, the company reported adjusted third-quarter net profits of €1.70bn, a surge of 47.5% from the same quarter a year earlier. Net sales from operations came in at €22.7bn, up 18.6% year on year, while adjusted operating profits jumped 31.7% from the same period in 2009 to €4.11bn.

The increase in the group adjusted net profit in the third quarter reflected a higher adjusted net profit mainly reported by the exploration & production (E&P), petrochemical, refining and marketing & engineering & construction divisions, it said.

“In the third quarter, Eni has achieved excellent results against a backdrop of ongoing challenging conditions in the gas market. We continue to invest for future growth in particular in E&P,” said Paolo Scaroni, Eni’s CEO

“I am confident that the 2010 full year results will show a marked improvement on last year,” he added.

($1 = €0.72)

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By: Franco Capaldo
+44 (0)20 8652 3214



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