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.
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Italian petrochemical producer Polimeri Europa is a wholly-owned subsidiary of Eni.
($1 = €0.68, €1 = £0.89)
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