April 27, 2020 / 8:25 AM / in a month

Portugal's Galp sees further pandemic damage, Q3 recovery still uncertain

LISBON, April 27 (Reuters) - Portugal’s Galp Energia said on Monday the collapse in demand caused by the coronavirus pandemic was set to further impact its performance in the second quarter as it slashed its investment plan by about a half this year.

Galp, which reported a 72% slump in first-quarter net profit to 29 million euros ($31 million), said that although a recovery in the third quarter of 2020 remained uncertain, it was “prepared to adapt quickly if that is to happen sooner and stronger than expected”.

It said recovery relied on a number of factors, including government policies.

In a statement, the oil firm said it slashed its short-term annual net capital expenditure to between 500 million and 700 million euros, from its previous guidance of 1 billion to 1.2 billion euros, and said it would make a final dividend payment of 0.38 euros per share until June. ($1 = 0.9223 euros) (Reporting by Catarina Demony, Editing by Andrei Khalip)

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