Edition 1513
16 February 2019
Edition: 1513

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Galp Energia profit up 23% to €707M in 2018

by TPN/Lusa, in News · 12-02-2019 06:41:00 · 0 Comments

Portuguese oil and gas company Galp saw its profits rise 23% to €707 million in 2018 compared to the previous year, driven by new oil and natural gas exploration platforms in Brazil, the company announced on Monday.

Galp Energia profit up 23% to €707M in 2018

 

In a statement to the market, Galp Energia reported that the adjusted annual net income totalled €707 million, 23% more than in 2017, and increased by 24% to €741 million, according to International Financial Reporting Standards (IFRS).

 

In the fourth quarter of 2018, the profit decreased 42% in annual terms to €109 million (€44 million in IFRS).

 

The earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2018 increased by 24% in annual terms to €2.2 billion, almost two thirds of which came from exploration and production activities, a business that was responsible for less than half of the group's total EBITDA the previous year, the company said.

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Edition 1513
16 February 2019
Edition: 1513

Read this week's issue online exactly as it appears in print.

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