Galp Energia’s net profit increased by 62% to 250 million euros in the first three months of the year, according to data released by the oil company this Friday, in a statement sent to the Securities Market Commission (CMVM).
Galp indicates that the net result for the quarter on an adjusted basis (‘RCA’, excluding non-recurring events and the ‘stock’ effect) “reflects taxes of 389 million euros, including 14 million corresponding to the Brazilian temporary tax on oil exports and 46 million euros of ‘windfall tax‘iberica’, applied to the so-called excessive profits.
“Galp’s results in the first quarter reflect a solid operating performance, specifically in the [segmento] ‘industrial & midstream’ and commercial activities. The generation of ‘free cash flow’ was robust, of 352 million euros, which made it possible to reduce the net debt in the period by 214 million euros”, highlights the company.
Adjusted profit before interest, taxes, depreciation and amortization (EBITDA) amounted to 71 million euros, “supported by a global recovery in oil volumes, specifically in the B2B aviation segment, which is already close to previous levels to the pandemic”.
Source: Observadora
