Italian oil giant Eni has improved full year profit by nearly 13% to a record E10.4 billion, thanks to favorable price movements and margins, OilVoice has reported.
The major Italian energy firm also experienced a strong increase in revenue, as it improved to 16.8% to E86.1 billion for fiscal 2006.
Meanwhile, net profit for Q4 2006 fell for the Italian oil firm to E2.35 billion as a result of unfavorable currency movements and higher operations costs, OilVoice added.
The Italian energy giant experienced a 1.7% drop in adjusted net profit and an even larger 3.1% fall in adjusted operating profit due to the euro’s strong showing against the dollar, lower refining margins and higher exploration costs. Adjusted operating profit came in at E4.78 billion.
Paolo Scaroni, Eni CEO, commented: Full year 2006 unaudited results were a record, driven by continued improvements in performance and consistent execution of our strategy, in a broadly favorable trading environment. I am particularly pleased that the total shareholder return came in at an excellent 14.8%, one of the highest among our peers. Our disciplined approach to growth is the cornerstone of delivering superior results that generate attractive long term returns for our shareholders.