Italy’s Eni Q2 profit falls 21% to $1.65 bln

Italian energy group Eni said on Friday its adjusted second-quarter net profit fell 21% year-on-year, but beat market expectations thanks to stronger-than-expected performance in its gas, exploration and liquefied natural gas (LNG) divisions.

Adjusted net profit was 1.52 billion euros ($1.65 billion) in the second quarter, down from 1.94 billion euros a year earlier but above analysts’ forecast of 1.42 billion euros.

In the past quarter, the energy group has been pushing ahead with divestments, signing a deal to sell exploration assets in Alaska and announcing exclusive talks with investment firm KKR to divest a stake in biofuels unit Eni Life.