Rome

ENI third-quarter profits up 40.3%

Increased production due to improvements in Libya, CEO says

ENI third-quarter profits up 40.3%

Rome, October 30 - Italian oil and gas company ENI on Tuesday posted a net profit of 2.48 billion euros for the quarter ended September 30, a 40.3% rise over the third quarter last year. Net profits for the first nine months of 2012 stood at 6.33 billion euros, up 13.6% compared to the same period in 2011. ''ENI achieved excellent third-quarter results thanks to growth in production, underpinned by the continual improvement of activities in Libya,'' said company CEO Paolo Scaroni. Fossil-fuel production grew by 16% in the third quarter and by 8.3% in the first nine months of the year compared to the same periods in 2011. ENI's financial position has also been strengthened by the disposal of stakes in Italian gas infrastructure company SNAM and Portugal's Galp Energia, Scaroni said. ENI shares rose by 1.6% to 17.61 euros on the Milan stock exchange following the profit announcement.

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