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.
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