Neste fourth-quarter profit falls and dividend cut

Finnish biofuel producer and oil refiner Neste reported a smaller than expected decline in fourth-quarter profit on Friday despite low oil prices, citing resilience of its renewables business.

Neste, which has invested heavily in renewables, said its October-December comparable operating profit fell to 380 million euros ($455 million), beating the 365.3 million expected on average by analysts, Refinitiv Eikon data showed.

Neste's board proposed to cut the dividend to 0.80 euros per share for 2020, compared with 1.02 euros for 2019 and a consensus analysts forecast of 0.96 euros.