LISBON (Reuters) – Portugal’s Galp recorded a loss of 52 million euros in the last quarter (47.40 million pounds) due to the collapse in demand and said the effect of the epidemic was still uncertain.
The oil company said Monday that the coronavirus blockades in Portugal and Spain had caused “sharp drops in regional demand,” but in June saw “signs of support.”
Despite some positive recovery indicators, in terms of demand, Galp said the outlook for 2020 remains “difficult” as it expects a “weak and volatile refining and trade environment.”
It fell to a net loss at the quarter of the adjusted net source of revenue of 199 million euros a year earlier.
Sales of petroleum products fell 44% due to weak demand, mainly in the aviation and retail sector, basically in April and May, due to blocking measures, Galp said.
The stage forced Galp to suspend production at the smaller of its two refineries, in Matosinhos near Porto, and to close its largest refinery in the south of the country for a month from May 4, after the drastic drop in the call left it out of storage. Space.
The closure of Sines closed all its national operations, representing 20% of the refining capacity of the Iberian Peninsula. Galp resumed production at any of the refineries.
Galp said its current quarter also reached 92 million euros in impairment fees similar to smaller-scale exploration assets.
He said his RCA EBITDA upstream (earnings before interest, taxes, depreciation and amortization) had fallen 50% to 204 million euros, reflecting a sharp drop in oil prices.
EBITDA of refining and intermediate cars fell 80% to 19 million euros, he said.
Reporting through Catarina Demony and Sergio Goncalves, edited through Kim Coghill and Jason Neely
All quotes were delayed for at least 15 minutes. See here for a complete list of transactions and delays.
© 2020 Reuters. All rights are reserved.