Eni 1Q Profit Falls

Eni 1Q Profit Falls

Eni 1Q Profit Falls

The FINANCIAL -- Eni SpA on April 29 said net profit fell 46% in the first quarter as a drop in profitability at the Italian oil company's main exploration and production unit offset strong gains from other divisions, according to Nasdaq.

Net profit fell to 704 million euros ($768.5 million) in the first three months of the year compared with EUR1.30 billion in the same period a year earlier. Revenue dropped 19% to EUR23.79 billion.

Adjusted net profit, which strips out special items, was also down 46% to EUR648 million. In the quarter Eni produced 1.7 million barrels of oil and gas equivalent, an increase of 7.2% from the first quarter of last year.

The company said it sees a moderate strengthening of the world economy in 2015 although risks remain, including the uncertainty surrounding the rebound in the eurozone and the extent of the slowdown in China.