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Italian oil group Eni posts 21-percent gain in second-quarter profit
AFP
ROME
Petroleumworld.com 07 29 06
Net profit at Eni rose by 21.2 percent in the second quarter of the year to 2.3 billion euros (2.9 billion dollars), below analysts' expectations, the Italian energy group said on Friday.
Operating profit rose by 33.3 percent in the same period to 4.9 billion euros, the group said.
The figures fell slightly short of those forecast by analysts who expected net profit of between 2.36 billion and 2.73 billion euros and operating profit of between 4.91 and 5.21 billion euros.
Turnover was up 24.5 percent in the second quarter to 20.73 billion euros, the group said.
Net profit for the first half of 2006 reached 5.28 billion euros, a 21.5 percent increase on the same period last year.
It had risen by 22 percent to 2.97 billion euros in the first quarter thanks to the surge in the price of oil.
The group blamed the slightly lower-than-expected second-quarter results on increased taxation rates and provisions of 333 million euros for the devaluation of certain activities, including the exploration and production of gas and electricity.
Production rose in the first quarter of 2006 but fell in the second, a drop the group attributed to "local tensions" in Nigeria, where its plants have come under attack, and "technical problems" in Norway, Italy and Kazakhstan.
Managing director Paolo Scaroni said he was confident 2006 would be a strong year for the group and would propose a dividend of 0.6 euros per share.
AFP 28 1459 GMT 07 06
Copyright ©2006 AFP. All Rights Reserved.
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