LISBON: Galp Energia said its net profit in the first quarter was €121 million, more than two and a half times the level of the same period of 2014.
In a statement sent to the securities markets authority, the CMVM, Galp said its profit was up 157 percent from the €47 million recorded in the first quarter of last year. The company’s turnover in the period was down 5 percent at €3.923 billion, above all due to the lower price of oil, natural gas and oil products. However, operating costs fell 9 percent.“The 10 percent drop in the cost of goods sold and materials consumed more than offset the increase in costs of external supplies and services,” the company said.
Galp had capital spending of €283 million in the first quarter, with 96 percent of that going into oil exploration and production. The company highlighted activity in the Lula/Iracema field in Brazil, namely the drilling of development wells, the construction of floating platforms and of the Cabiúnas gas pipeline.
