Eni SpA Q2 Net Profit Surges On Strong Revenues - Quick Facts

(RTTNews) - Italian oil and gas company Eni SpA (E) reported Friday that its second-quarter net profit was 1.25 billion euros, compared to last year's profit of 18 million euros.

Earnings per share were 0.35 euro, compared to breakeven a year ago. The company attributed the robust recovery in profitability to the restructuring of the portfolio of long-term gas contracts, a growing LNG business and optimizations in power and logistics.

Adjusted net profit was 767 million euros or 0.21 euro per share, compared to 463 million euros or 0.13 euro per share last year.

Total revenues improved to 18.84 billion euros from 15.78 billion euros last year. Hydrocarbon production grew 5 percent from last year to 1.86 million barrels of oil equivalent per day or boe/d.

Further, the company said it will propose an interim dividend of €0.42 per share at the Board meeting on September 13.