Italian Eni posted a 48% net loss during the first quarter of 2024 of around €1.2 billion (around $1.3 billion) compared to $2.5 billion in the same quarter of last year, according to its financial results statement released on Wednesday.

The company recorded nearly $218 million in profit during the last quarter of last year.

The revenue for the January–March period reached $24.8 billion, compared to $29.3 billion for the same quarter of 2023.

The company’s fourth-quarter 2023 revenue amounted to $26.7 billion.