Italy's Eni reports 25% drop in second-quarter profit, cuts debt
Adjusted net profit came in at 1.13 billion euros ($1.33 billion) between April and June, down from 1.52 billion euros in the same period of last year, but higher than an analyst consensus of 0.93 billion euros compiled by the company.
Despite an adverse macro scenario, the state-controlled group was able to cut its leverage before lease liabilities - a measure of total debt in relation to equity - to 19% from 22% in the same period last year.
Including the proceeds expected from the recent asset sales the pro-forma leverage dropped to a historical low of 10%.
The group increased its annual cash benefit target to 3 billion euros, versus a prior 2 billion euro goal, after putting in place mitigation measures for more than 1 billion euros in the months between April and June.
($1 = 0.8517 euros)
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