Wednesday, 19 December, 2018


Eni Turns To Profit In Q3; Sales Up 18.9%

Conrad Doyle | 27 October, 2017, 17:14

Eni (E) reported third-quarter net profit to shareholders from continuing operations of 344 million euros compared to a loss of 562 million euros, previous year.

Eni said its adjusted net profit in the quarter was 229 million euros ($267 million) compared to an adjusted loss of 484 million euros a year ago.

Over the first nine months of the year net profit was 1.327 billion euros and adjusted profit 1.436 billion. Adjusted profit per share was 0.06 euros compared to a loss of 0.13 euros.

ENI's oil and gas production increased 5.4% in the third quarter, the company said, while Brent crude oil, the global benchmark, averaged $52.08, about 14% up compared with the year earlier period.

Eni is the biggest foreign oil and gas producer in Africa and confirmed production would start at its supergiant Zohr field in Egypt by year end.

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