Eni’s petrochemical business trims Q4 net loss, sales grow 29.8%

16 February 2011 09:04  [Source: ICIS news]

SINGAPORE (ICIS)--Eni’s petrochemicals division trimmed its adjusted net loss to €37m ($50m) in the fourth quarter of 2010, from a loss of €85m in the same period a year earlier, the Italian energy major said on Thursday.

Net sales from the business segment surged 29.8% year on year to €1.47bn in the fourth quarter, the company said in a statement.

The company remained in losses, however, as high supply costs of oil-based feedstock were not fully recovered in sale prices, Eni said.

The petrochemical segment’s adjusted operating loss narrowed to €74m from €104m in the previous corresponding period, helped by higher sales volumes, Eni said.

Fourth-quarter petrochemical sales volumes increased 8.6% year on year as demand from end-markets recovered, the company said.

For the whole of 2010, the segment recorded a net operating loss of €113m last year, lower than the €426 million loss in 2009, as net sales surged 46.1% to €6.14bn.

Eni’s overall 2010 net profit rose 44.7% year on year to €6.32bn, while net sales grew 18.2% to €98.4bn.

($1 = €0.74)

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By: Nurluqman Suratman

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