We present BeppoSAX observations of the Seyfert 1.8 galaxy NGC1365 in the 0
.1-100 keV range. The source was 6 times brighter than during an ASCA obser
vation 3 years earlier. The 4-10 keV flux is highly variable during the Bep
poSAX observation, while the soft (0.1-4 keV) emission is constant within t
he errors. Both a cold and a warm reflector and a cold absorber are require
d to explain the observed spectrum. The comparison between ASCA and BeppoSA
X spectra strongly suggests that the circumnuclear material has a more comp
lex structure than a simple homogeneous torus, with quite different absorbi
ng gas columns along different lines of sight. A broad iron K alpha line is
also present in the spectrum, with the peak energy significantly redshifte
d. This can be explained by means of a relativistic disk line model. Altern
atively, a warm absorption Fe line system with N-H similar or equal to 10(2
3) cm(-2) could account for the observed line profile.