Eni (E -3%) shares are hit after revised guidance from subsidiary Saipem (SAPMY.PK) affecting...

|By:, SA News Editor

Eni (E -3%) shares are hit after revised guidance from subsidiary Saipem (SAPMY.PK) affecting 2012 and 2013 results. For FY 2012, EBIT is forecast to come in ~6% lower than expected, at ~€1.5B and net income at ~€900M; for FY 2013, EBIT is forecast to drop ~80% Y/Y. Earlier, Reuters reported Eni is in talks with Iraq to cut its production target at the Zubair oilfield.