Italy’s Eni petchem division Q4 2011 net loss widens to €123m

15 February 2012 08:34  [Source: ICIS news]

SINGAPORE (ICIS)--Eni’s adjusted net loss from its petrochemicals division for the fourth quarter of 2011 widened to €123m ($162m) from a loss of €37m in the same period a year earlier, the Italian energy major said on Wednesday.

The petrochemicals division reported wider operating losses for the fourth quarter at €154m compared with €74 from the same period the previous year, the firm said in a statement.

“Cracker margins were severely hit by higher supply costs of oil-based feedstock, which were not recovered in sales prices [in the] end markets,” the statement said.

In addition, demand decreased because of expectations of lower petrochemical commodities prices, the statement added.

Eni’s net sales from its business segment during the fourth quarter decreased by 8.9% year on year to €1.3bn, according to the statement.

For the full year of 2011, the company posted a 5.7% increase year on year to €6.5bn, Eni said.

Its operating loss for the full year widened by €163m year on year to €276m, the statement said.

On a group level, the company posted an adjusted net profit of €1.54m for the fourth quarter, a 10% decrease year on year, while for the year 2011, it increased by 2% to €6.97m.

Eni’s adjusted operating profit in the fourth quarter narrowed by 10% year on year to €4.3bn, while for the year 2011, it firmed by 4% to €18bn.

Eni’s net sales from operations for the fourth quarter grew to €30.1bn from €28.1bn and increased by 11.2% to €109.6bn for the year 2011, the statement said.

“The difficult macroeconomic situation in Italy and Europe has impacted our results in [the] gas and power, refining and marketing, and petrochemical sectors,” said CEO Paolo Scaroni.

($1 = €0.76)

By: Samuel Wong

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