Galp Energia posted a profit of EUR 250 million in the first quarter of 2023, 62% more than the EUR 155 million in the same period, compared to EUR 273 million in the previous quarter.
In a statement to the Securities Market Commission (CMVM), the oil company said its net income for the quarter on an adjusted basis (“RCA”, excluding one-time events and the “stock” effect) “reflects taxes of EUR 389 million, including 14 million euros related to the temporary Brazilian tax on oil exports and 46 million euros related to the Iberian “windfall tax” applied to excessive profits.
“Galp’s first quarter results reflect strong operational performance, particularly in the [segmento] industrial & midstream and commercial activities. The generation of ‘free cash flow’ was robust, at EUR 352 million, enabling a net debt reduction of EUR 214 million over the period”emphasizes.
Source: DN
