Martedì, 25 Settembre 2018

ENI operating profit down 51% in 2nd qtr at 1.95 bn euros


Milan, August 1 - Italian oil-and-gas-multinational
ENI on Thursday reported an adjusted operating profit of 1.95
billion euros in the second quarter, down 51% over the same
period last year.
The adjusted operating profit for the first half was 5.66
billion euros, down 43% compared to the first six months of
''First half results were affected by a difficult economic
situation in Italy and Europe, production interruption in Libya
and Nigeria and by the fall in Saipem's results,'' said ENI
chief executive Paolo Scaroni, making reference to an
ENI-controlled oil-and-gas contractor specialized in remote
off-shore and deep sea project development.
December's news of a corruption probe into Algerian
contracts at Saipem prompted the ouster then CEO Pietro Franco
At the end of January, a new management team shocked
investors by announcing margins on contracts were far slimmer
than expected, reducing expectations for results in both 2012
and 2013.
Saipem, which is 43% owned by ENI, reported net loss of
685 million euros in the second quarter of 2013, while its net
loss for the first six months amounted to 575 million euros.
''We expect a significant improvement in our second half
results'' thanks to strategic divestments, operational progress
on start-ups and renegotiation of contracts with Algeria's
Sonatrach and Russia's Gazprom, Scaroni continued.
''On September 19, I will propose to ENI's Board of
Directors an interim dividend of 0.55 per share,'' Scaroni

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