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. Galp Energia unveils first-quarter net profit up 157%. In a statement sent to the securities markets authority, the CMVM, Galp said its profit was up 157% from the €47 million recorded in the first quarter of last year.
The company’s turnover in the period was down 5% at €3.923 billion, above all due to the lower price of oil, natural gas and oil products. However, operating costs fell 9%. “The 10% 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% 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.
