MILAN: Italian energy group Eni said on Friday its net profit in the first quarter jumped almost five times as firmer oil prices offset lower production.

Adjusted net profits in the period came in at 0.27 billion euros ($327 million), below an analyst consensus provided by the company of 0.44 billion euros. In the fourth quarter they were 0.5 billion euros.

"With the pandemic situation gradually improving, and a broadening economic recovery looking more likely, we have been able to improve our outlook for the coming months, forecasting free cash flow generation in 2021 of more than 3 billion euros," Chief Executive Claudio Descalzi said in a statement.