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Polimeri Europa's Losses Mount Due to Prolonged Industry Weakness

5:53 AM MST | February 12, 2010 | Natasha Alperowicz

Polimeri Europa (Milan), the petrochemicals business of energy group  ENI (Rome), reported an adjusted operating loss of €104 million ($144.6 million)  in the fourth quarter of 2009, a slight improvement on the €112 million loss the company posted in the year-ago period. Full year 2009 operating loss was €426 million comapred with €398 million loss in 2008. ENI says the petrochemical division has continued to report losses at both operating and net levels due to a prolonged weakness in industry fundamentals reflecting lower...

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