Eni net profit falls 14%, gives downbeat outlook

|By:, SA News Editor

Eni's (E) Q4 adjusted net profit dropped 14% to €1.3B but topped forecasts of €1.2B.

Net sales from operations fell 19% to €26.3B.

Output dropped 9.7% to 1.577M barrels of oil equivalent a day.

Eni's earnings were hurt by disruptions to its operations in Africa, lower refining results and the strengthening of the euro vs the dollar.

Nonetheless, Eni plans to increase its dividend by 1.9% to €1.10 a share on 2013 earnings.

Eni also said that it has discovered the equivalent of 2.5B barrels of oil and gas off the coast of the Republic of Congo in West Africa.

Eni gave a downbeat outlook for 2014, "due to weak growth prospects in the eurozone and risks concerning emerging economies." (PR)