Italy's Eni cuts 2011 first-quarter petrochemicals loss by 88.4%

27 April 2011 13:30  [Source: ICIS news]

LONDON (ICIS)--Eni’s petrochemical division cut its net loss in the first quarter of 2011 by 88.4% to €5.0m ($7.2m) from €43.0m in the same period in 2010, due to a an improvement in product margins, mainly in the olefins business, the Italian oil giant said on Wednesday.

The division’s net sales jumped by 21.7% to €1.80bn from the first quarter of 2010 and rose by 22.0% compared with the previous quarter.

The petrochemical sector’s adjusted operating losses were also reduced from €59m to €12m, Eni said.

However, production of basic petrochemicals fell by 5.6% year on year to 1.17m tonnes in the first quarter, while output of polymers dropped by 8.9% to 553,000 tonnes, which brought total production down 6.7% to 1.72m tonnes.

At a group level, adjusted net profit attributable to Eni’s shareholders amounted to €2.22bn, an increase of 21.6% compared with the first quarter of 2010.

“In spite of ongoing uncertainties regarding resumption of our activities in Libya, the profitability and growth outlook for our company has remained positive underpinned by a sound financial position, the quality of our asset portfolio, and a strong projects pipeline,” said Paolo Scaroni, CEO.

Italian petrochemical producer Polimeri Europa is a wholly-owned subsidiary of Eni.

($1 = €0.68, €1 = £0.89)

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

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