By Giulia Petroni 
 

Galp Energia SGPS SA (GALP.LB) said Tuesday that net profit fell for the third quarter as it was hit by non-recurring items and inventory effects.

The Portuguese energy company said net profit fell to 60 million euros ($66.9 million) from EUR235 million a year earlier.

Sales fell to EUR4.14 billion from EUR4.39 billion a year earlier, the company said.

Earnings before interest, tax, depreciation and amortization in the third quarter were EUR589 million, from EUR686 million a year earlier.

Galp said investments are expected to average between EUR1 billion and EUR1.2 billion a year until 2022. The company is targeting a dividend increase of 10% per share a year in the 2019-2021 period.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

October 22, 2019 02:38 ET (06:38 GMT)

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