Italian energy group Eni reported a 49% fall in its adjusted net profit in the second quarter because of weaker commodity prices but a strong performance from its gas business helped it to beat forecasts.
Adjusted net profit in the period came in at 1.94 billion euros ($2.13 billion) down from a bumper result of 3.81 billion euros a year ago, but above an analyst consensus of 1.64 billion euros.
Eni now expects the gas business to reach an adjusted earnings before interest and taxes (EBIT) figure of between 2.7 billion and 3.0 billion euros for the year versus previous guidance of 2.0-2.2 billion euros.
It also improved its full-year outlook for its low-carbon unit Plenitude and trimmed plans for capital expenditure this year to below 9 billion euros from a previous estimate of 9.2 billion euros.
Group's expectation for adjusted EBIT for this year is confirmed at 12 billion euros even after taking into account a weaker oil and gas prices.
Organizations:
Eni
Locations:
Cyprus, Nicosia, Ukraine