Italy’s Eni chemicals division Q4 net loss widens to €128m

15 February 2013 08:21  [Source: ICIS news]

SINGAPORE (ICIS)--Eni’s adjusted net loss from its chemicals division for the fourth quarter of 2012 widened to €128m ($171m) from a loss of €121m in the same period a year earlier, the Italian energy major said on Friday.

The chemicals division reported operating losses of €117m for the fourth quarter, which is an improvement of €34m from the previous year, Eni said in a statement.

“The improved performance was due to a slightly better margins at cracking plants, which benefited from lower supply costs of oil-based feedstock influenced also by a positive currency effect,” the statement said.

On a group level, Eni’s net profit for the fourth quarter was €1.46bn, a 13.3% increase year on year while for the full year it increased by 13.5% to €7.79bn, the statement said.

($1 = €0.75)

By: Surinder Malhi
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