Galp posts 98% drop in fourth-quarter profit
CEO Andrew Brown warns that the short-term outlook looks challenging and that Galp needs to ‘show prudence’ in its investments
22 February 2021 - 22:39
Lisbon — Portuguese oil and gas company Galp Energia cut its dividend payout by half on Monday after reporting a 98% plunge in fourth-quarter net profit as the Covid-19 pandemic took its toll on margins and output.
The company said it would propose a dividend of 35 euro cents ($0.4237) per share for 2020, down from 70 euro cents paid the previous year...
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