Galp Energia Meets Guidance Despite 4Q Net Profit Decline
February 11 2019 - 1:35AM
Dow Jones News
By Cristina Roca
Galp Energia SGPS SA (GALP.LB) said Monday that its net profit
fell in the fourth quarter but rose for the full year, and issued
guidance for 2019.
Net profit was 44 million euros ($49.8 million) in the
October-December period compared with EUR229 million a year
earlier, the Portuguese oil-and-gas producer said.
Sales for the quarter edged up to EUR4.05 billion from EUR3.52
billion, the company said.
Galp's net profit for the year rose to EUR741 million from
EUR597 million the year before, while sales for 2018 totaled
EUR16.54 billion.
Analysts had expected net profit of EUR725 million on sales of
EUR17.21 billion, according to a FactSet-compiled consensus.
Earnings before interest, taxes, depreciation and amortization
for 2018 were EUR2.31 billion, in line with a recently raised
target of EUR2.3 billion.
Galp said it expects 2019 Ebitda of between EUR2.1 billion and
EUR2.2 billion, and organic capex of around EUR1 billion per year.
Galp expects its Ebitda to be above the EUR3 billion mark from 2020
onwards, it said.
The energy company proposed a dividend of EUR0.63 per share for
2018, up from EUR0.55 a share last year.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
February 11, 2019 02:20 ET (07:20 GMT)
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