Galp posts profits dip

Galp: the Portuguese company saw net profit slip in 2012

GALP ENERGIA

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Josh Lewis

 11 February 2013 09:21 GMT

Portuguese company Galp Energia saw profits slip in 2012, despite increased revenue and production.

The company posted a net profit of €343 million ($458.7 million) for 2012, down 20.7% on the €433 million net profit booked the previous year.

The largest disparity between the two years results was the fact Galp booked a €204 million favourable inventory effect in 2011, compared to just €26 million in 2012.

The company’s replacement cost adjusted net profit was actually up 43% year-on-year, at €359 million.

Helping lift the figure was a 10.1% rise in Galp’s turnover, with the company generating €18.5 billion last year compared to €16.8 billion a…

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