Eni Posts Loss From Cont. Ops. In Q2 - Quick Facts

(RTTNews) - Eni (E) reported a second-quarter loss attributable to shareholders from continuing operations of 446 million euros compared to profit of 498 million euros, prior year. The company said the structural weakness of the oil market, oversupply and overcapacity headwinds in the European gas and refining sectors have negatively affected the Group's performance, eroding results from operations and cash flow. Loss per share from continuing operations was 0.12 euros compared to profit of 0.14 euros.

In the second quarter of 2016, adjusted operating profit was 188 million euros, down by 87.9% compared to the second quarter of 2015. Adjusted net loss attributable to shareholders on standalone basis was 290 million euros compared to profit of 505 million euros prior year, due to declining operating performance and a lower than proportional reduction in tax expense of the Exploration & Production segment.

Second-quarter net sales from continuing operations decreased year-over-year to 13.42 billion euros from 20.28 billion euros.

The interim dividend proposal to the Board on September 15, 2016, will amount to 0.40 euros per share. The interim dividend is payable on September 21, 2016, with September 19, 2016 being the ex-dividend date.