Eni reports adjusted net profit of 1.17 billion euros in Q3
Oil and gas giant warns that nine-month earnings lower than 201230 October, 12:46
Eni, which is controlled by the Italian government through its 30% stake in the energy giant, also reported nine-month earnings of 5.81 billion euros, which is 5.8% lower than reported in the same period of 2012.
Adjusted net profit for the first three quarters came in at 3.13 billion euros, a decline of 41%.
The company saw a 61.9% gain in income to almost four-billion euros in the third-quarter, attributed in part to a one-time, three-billion euros gain from the sale to a Chinese firm of Eni's holdings in a Mozambique gas discovery. The company also warned that production would likely be lower in 2013 than in the previous year due to problems in Libya, where it has a major presence, and Nigeria.
Still, shares in Eni rose by 3.2% in trading by midday on Milan's main financial exchange, as the higher than expected profits came as a pleasant surprise to investors.
The Italian government has said it is considering selling a 4% piece of its Eni holdings, if it can do so without losing its control over the oil and gas firm.
The government is the largest single shareholder in Eni and the sale of a 4% chunk would raise about 2.6 billion euros.