ENI posts Q2 loss of 0.11 billion euros

(ANSA) - Rome, July 30 - Italian energy giant ENI said Thursday that it posted a loss 0.11 billion euros in the second quarter of this year due to falling oil prices. It said that its adjusted net profit for the quarter was 0.14 billion euros, down 84%. It said it registered a net profit of 0.59 billion euros in the first half of 2015, down 70%, while its adjusted net profit for the period was 0.79 billion euros, down 62%.
    The company proposed a dividend of 0.40 euros per share.
    ENI CEO Claudio Descalzi was upbeat about the results.
    "In the first half of the year we have achieved excellent industrial results across our businesses, which enable us to revise upwards several of the targets set out in the strategic plan presented in March," he said. "Despite the halving of oil prices, we have generated €5.7 billion of cash flow, in line with the first half of 2014, which has financed almost all capital investment in the half year.
    "This is a very significant result, given that self-financing investment is the main challenge facing the sector today".