World World: Portuguese energy company Galp Energia reported a 29% drop in its core profit in the first quarter of this year. This was due to a decrease in crude oil production and a sharp decline in refining margins, which fell to less than half compared to last year.
The company’s adjusted EBITDA fell to 669 million euros, while analysts had estimated an average of 666 million euros. At the same time, adjusted net profit also fell by 41% to 192 million euros, although it turned out to be slightly better than forecast.
Galp reported that refining margins fell to $5.60 per barrel this quarter, from $12 last year. Apart from this, the profit of the company’s production unit in Brazil’s offshore areas fell by 32%.
