Italy's ENI profits soar in 2010

MILAN:  Italy's largest oil and gas company ENI on Wednesday said its 2010 net profit soared 44.7 percent to 6.32 billion euros $8.56 billion as energy prices rose steadily.Net adjusted profit a key indicator for the sector which excludes exceptional items rose 31.9 percent to 6.87 billion euros.

Operating profit was up 33.6 percent at 16.11 billion euros while revenues gained 18 percent at 98.36 billion euros.

In the fourth quarter alone, net profit leapt 40.2 percent to 548 million euros, while net adjusted profit rose by 23.6 percent to 1.72 billion, well above expectations of analysts who had predicted 1.57 billion euros.ENI said the better results were largely down to the gains in the price of oil and the appreciation of the dollar.