By Matteo Castia

 

ENI SpA reported on Thursday a swing to a first-half net loss as trading was hurt by the coronavirus pandemic, oil-production volatility and low demand, but said that it expects gradual recovery to occur during the second half.

The Italian energy giant posted a first-half net loss of 7.34 billion euros ($8.65 billion) for the six months compared with a profit of EUR1.52 billion for the year-earlier period.

Revenue for the period was EUR22.49 billion, down from EUR37.62 billion the previous year.

ENI had swung to pretax loss in the first quarter, and for the second quarter, it posted a widened loss of EUR4.41 billion.

"Quarterly results were negatively and materially affected by the combined impact of the ongoing economic recession due to the Covid-19 effects on production, international commerce and travel, with a major impact on energy demand, and by oil and gas oversupplies," the company said.

Second-quarter revenue dropped to EUR8.40 billion, down from EUR18.82 billion the prior year.

No interim dividend was declared.

Shares at 0720 GMT were down 3.7% at EUR8.11.

 

Write to Matteo Castia at matteo.castia@dowjones.com

 

(END) Dow Jones Newswires

July 30, 2020 03:45 ET (07:45 GMT)

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