Galp Energia 3Q Net Profit Dropped

Date : 10/22/2019 @ 6:53AM
Source : Dow Jones News

Galp Energia 3Q Net Profit Dropped

   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)

Copyright (c) 2019 Dow Jones & Company, Inc.


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