ENI SpA : Q2 operating figures in line and attributable net profit impacted by taxes - cash flow up to expectations
>EBIT 3% lower than consensus but attributable net profit 41 % lower than forecast - Adjusted EBIT was € 2.279bn in Q2 2019, 2% above our forecasts and -3% lower than the consensus (ODDO BHF: € 2.237bn; consensus: € 2.360bn). Attributable net profit came to € 562m, -43% q-o-q/-26% y-o-y and -36%/-41% lower than our forecasts and the consensus. It is impacted by an exceptionally high tax rate of 72.9% due to non-deductible losses on gas imported from Libya. The group ...Eni is engaged in the oil and gas exploration and production, gas marketing operations, management of gas infrastructures, power generation, petrochemicals, oil field services and engineering industries. Co.'s operations are divided into three segments; Exploration and Production (oil and natural gas exploration and field development and production, as well as LNG operations), Gas and Power (supply, trading and marketing of gas and electricity, managing gas infrastructures for transport, distribution, storage, re-gasification, and LNG supply and marketing), and Refining and Marketing (supply of crude oil, refining and marketing of refined products). Co. maintains operations in 73 countries.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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