Neste Hits 2016 Low After Loss, Dividend Policy Cancellation
A Neste Oyj gas station in Riga.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Neste Oyj’s shares dropped to the lowest since 2016 after the Finnish renewable fuel producer posted a fourth-quarter loss, canceled its dividend policy and said it would cut about 600 jobs.
The loss bucked analysts’ expectations of an earnings increase, with the result undermined in particular by weak margins in its key Renewable Products unit. Its shares, which have been heavily targeted by short sellers in recent months, lost as much as 14% on Thursday, making it the worst performer in the Stoxx Europe 600 Energy Index.