By Giulia Petroni 



  Galp Energia SGPS S/A said Monday that it swung to a net loss in the second quarter and that it won't be distributing an interim dividend in the second half of the year. 


  The Portuguese energy company said it registered a net loss of 154 million euros ($179.5 million) from a profit of EUR231 million a year earlier, partly due to inventory effects and non-recurring items. 


  Sales dropped to EUR1.82 billion from EUR4.44 billion, the company said. 


  Earnings before interest, taxes, depreciation and amortization came in at EUR207 million, down from EUR666 million the previous year. 


  Cash flow from operations was down on year to EUR160 million, due to weaker market conditions caused by the coronavirus pandemic. 


  Galp said it won't be distributing an interim dividend in relation with its fiscal-2020 dividend in the second half in order to preserve its financial position. The 2020 dividend proposal will be made considering full-year results, which are expected to be announced in the first quarter of 2021. 


  The company also said it revised down its oil price assumptions for the short and medium term. It now expects Brent crude at $40 a barrel in 2020 and $45/bbl in 2021. 


  Write to Giulia Petroni at giulia.petroni@wsj.com