- Galp Energia (OTC:GLPEF) reports 72% Y/Y slump in Q1 net profit to €29M; the company also said that a recovery in Q3 of 2020 remained uncertain.
- Galp slashes its short-term annual net capital expenditure to between €500M - €700M, from previous guidance of €1B - €1.2B, and says it would make a final dividend payment of €0.38/share by the end of June.
- The sale of oil products to clients fell ~13%.
- Galp said it would complete the previously announced deal to buy solar power projects from Spain’s ACS for €2.2B in Q2, and expects to announce new partnerships.
- Adjusted EBITDA decreased to €125M from €314M, while sales rose slightly to €3.5B from €3.4B
- Previously: Galp Energia, SGPS reports Q1 results (April 27)