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Versalis reports higher first-quarter losses, on track to reduce exposure to commodities

8:31 AM MDT | April 29, 2014 | Natasha Alperowicz

Versalis (Milan), the chemical subsidiary of ENI (Rome), reports an adjusted first-quarter 2014 operating loss of €89 million ($123.4 million) compared with an operating loss of €63 million in the year-earlier period and an operating loss of €130 million in the fourth quarter of 2013, ENI announced today. The negative performance reflects continuing weakness in demand for commodity plastics and increasing competition from Asian producers, which left product margins and sales volumes at depressed levels, ENI says. Adjusted net loss, at €75...

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