It's not a good April 25 for Eni. The shares of the Italian energy giant on the Stock Exchange lost almost two points at the beginning of the afternoon, the worst fall of the Ftse Mib. The company pays the quarterly results announced yesterday, from which emerged a contraction of adjusted net profit equal to 41,8%, at 1,43 billion euros. However, the managing director Paolo Scaroni confirmed the targets for 2013.
As for the individual divisions, Exploration & Production suffered from the drop in oil prices (-5% for the Brent reference) and the lower production performance (-4,9%), penalized by contingent events (operating profit down by 21,5%). The Gas & Power division closed the quarter with an adjusted operating loss of €148 million compared with a profit of €2012 billion in XNUMX, penalized by the collapse in selling prices in a context of weak demand and strong competitive pressure.
The result of Engineering & Construction was also down (-46%) which was affected by the drop in demand for services and lower margins on orders. These reductions were only partially offset by the improvements recorded by the Refining & Marketing division (+32,1%) and by Versalis (+62,7%), which benefited from efficiency and optimization actions, as well as the recovery of the price scenario.
According to analysts, Eni has produced slightly lower results than expected. Santander has downgraded the rating on the stock from buy to hold.
