Eni Slips To Loss In Q2 On Weak Net Sales, Cuts Dividend; Lifts Production View

(RTTNews) - Italian oil and gas company Eni SpA (E) reported Thursday that its second-quarter net loss was 113 million euros, compared to last year's profit of 658 million euros. Loss per share was 0.04 euro, compared to profit of 0.18 euro last year. Loss per ADS was $0.09, compared to profit of $0.49.

Net profit excluding Salpem declined 66.4 percent to 214 million euros from 636 million euros last year.

Adjusted net profit was 139 million euros, compared to 883 million euros a year ago. Adjusted net profit excluding Saipem was 448 million euros.

Net sales from operations declined 18.9 percent to 22.19 billion euros from 27.35 billion euros last year.

Hydrocarbon production increased 10.7 percent to 1.754 million boe/d in the quarter from 1.584 million boe/d last year.

In light of the financial results and management's expectations for the full-year results, the interim dividend proposal will amount to 0.40 euro per share, lower than last year's 0.56 euro per share. The dividend is payable on September 23.

Further, the company lifted its guidance for full-year production growth to over 7% from 5%.

The company said it is forecasting a moderate strengthening in global economic growth in 2015, driven by the United States.