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Portugal: Galp Energia Q1 profits fall by €15 mln yoy

Page created: Tuesday, 2 May 2017 14:33 GMT

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Earnings Report   Galp   Q1 2017

Lisbon, May 2 (Lusa) – In the first quarter of 2017 Galp energia, SGPS, S.A, posted net profit of €99 million, or €15 million less than in the same period of 2016, the company said on Monday.

 

According to a market filing, between January and March,a Galp posted EBITDA (earnings before interest, tax, depreciation, and amortisation) of €419 million, or 126 million more year on year.

 

Gas sales totalled 2.006 billion cubic metres, or a rise of 8% on year, “explained essentially by consumption to generate electricity and the company’s own consumption,” the Galp statement said.

 

According to Galp, on 31 March, net debt stood at €1.333 billion, taking into account a loan to Sinopec.

 

Total oil and natural gas production in the period was 88 billion barrels per day, an increase of 56% against 2016.

 

“At the end of March the number of service stations was 1,447, an additional eight on the year-ago period, due to expansion in Africa. The network of convenience stores totalled 825, three fewer than a year ago due to the closure of stores in Portugal and Espanha, which did not offset the increase in Africa,” the company said.

 

SB/CA // CA

 

Lusa