24 April 2013 18:16 [Source: ICIS news]
LONDON (ICIS)--The adjusted net loss for Eni chemicals subsidiary Versalis has narrowed by 63% in the first quarter of the year compared to the same quarter in 2012, the Italian oil and gas giant said on Wednesday.
The division’s adjusted net loss for the three months to the end of March 2013 was €63m ($85.7m) compared to a €169m loss during the same quarter in 2012, which the company attributed to cost efficiencies and optimisation measures, as well as slightly firmer pricing.
Versalis, which currently derives around 90% of its sales from Europe, is undergoing a campaign of expansion into emerging markets, reducing its reliance on lower-margin commodity chemicals, and increasing cracker operating rates to industry standard level.
Versalis is also ramping up its exposure to bio-based chemicals through a series of joint ventures with companies including Genomatica and Yulex Corporation. The company posted a loss of €485m in 2012.
“The R&M [refining and marketing] Division and Versalis, which both delivered strong improvements over the same period a year ago, will continue with their respective programs to drive a recovery in profitability,” said Eni CEO Paolo Scaroni.
On a group level, Eni’s first-quarter adjusted operating profit was €3.79bn, down 39% from the first quarter 2012, with profits primarily driven by the company’s exploration and production arm.
($1 = €0.77)
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.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections