Eni 3Q Profit Fell Sharply, Hit By Norge Subsidiary Deconsolidation

   By Giulia Petroni 
 

Eni SpA (ENI.MI) said Friday that its third-quarter profit and revenue fell significantly as results were hit by the deconsolidation of its Norge subsidiary.

The Italian oil major said quarterly net profit fell to 523 million euros ($581.6 million) from EUR1.53 billion a year earlier.

Adjusted net profit in the third quarter was EUR776 million compared with EUR1.39 billion the previous year and analysts' estimates of about EUR770 million, according to a consensus provided by the company.

Adjusted operating profit was EUR2.16 billion compared with EUR3.30 billion last year and analysts' expectations of EUR2.02 billion.

Revenue fell to EUR16.96 billion from EUR19.91 billion.

Hydrocarbon production increased to 1.89 million barrels of oil equivalent a day from 1.80 million a year earlier, Eni said. Analysts had forecast it at 1.88 million barrels of oil equivalent a day.

Looking ahead, the company confirmed its 2019 production growth target and said it expects production to ramp up further in the fourth quarter.

Write to Giulia Petroni at [e-mail]

(END) Dow Jones Newswires

October 25, 2019 02:48 ET (06:48 GMT)

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