Galp Energia posts record profit of 442 million euros in 2005

27 March 2006

Lisbon, Portugal, 27 March – Profit at Portuguese oil company Galp Energia increased 33 percent to 442 million euros in 2005, an increase of 108.9 million euros on 2004, representing the company’s greatest ever net profit, the company said in Lisbon Friday.

An increase in price of refined oil products on the international market, the best ever operating performance of the refineries at Sines and Porto, an increase in natural gas consumption and an extraordinary gain of 48 million euros from the sale of Portgás, all contributed positively to Galp’s results.

Galp Energia posted record turnover of 11.127 billion euros in 2005, or a 20 percent rise in relation to 2004.

The refineries at Sines and Porto had record production levels by processing 14.3 million tons of products, an operating improvement that increased gross margins by 26 percent against 2004.

The company’s EBITDA (earnings before interest, tax, depreciation and amortization) rose by 9 percent to 907 million euros, and investment totaled 333 million euros. (macauhub)