Italy's Eni chemicals Q3 net loss widens to €124m on weak margins

30 October 2012 07:40  [Source: ICIS news]

SINGAPORE (ICIS)--Eni’s chemicals division posted an adjusted net loss of €124m ($159m) in the third quarter of this year, compared with a loss of €55m in the same period in 2011, weighed by weakening margins, the Italian energy major said on Tuesday.

Net sales from its chemical operations rose by 2.5% year on year to €1.64bn, the company said in a statement.

The segment posted an adjusted operating loss of €173m in the third quarter of this year, doubling from same period last year, “due to continuing margin weakness against the backdrop of weak commodity demand impacted by the downturn,” it said.

At the group level, the company reported an adjusted third-quarter net profit attributable to shareholders of €2.48bn, a 40.3% drop year on year.

The company’s overall net sales from operations was up by 23.4% year on year at €31.5bn in the third quarter, while adjusted operating profit rose by 2.2% year on year to €4.36bn.

“The outlook for the remainder of 2012 is weighted down by a slowdown in global economic activities driven by an ongoing contraction in the eurozone… and as economic growth in emerging economies continues to slow down,” the company added.

($1 = €0.78)

By: Nurluqman Suratman

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly