
Portugal's Galp core profit beats expectations with a 1% contraction
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) dropped to 840 million euros ($977.76 million), surpassing the 724 million euro consensus provided by the company.
Galp, whose main business is extracting crude from rich fields offshore Brazil, said its share of oil and gas production from its projects in the second quarter increased by 6% to 113,000 barrels per day.
It said Brent oil prices fell 20% to an average of $67.9 a barrel in the second quarter, down from $85 a year ago, while its refining margin stood at $6.1, much lower than $7.7 in the same quarter of 2024.
Galp's second-quarter adjusted net profit rose 25% to 373 million euros, also beating the 220 million euros forecast by analysts, as the company benefited from lower taxes.
($1 = 0.8591 euros)

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Reuters
23 minutes ago
- Reuters
India, U.S. mini trade deal unlikely before Aug 1, CNBC-TV18 reports
NEW DELHI, July 22 (Reuters) - A mini trade deal between India and the United States is unlikely before the August 1 deadline, news channel CNBC-TV18 reported on Tuesday citing sources.


Telegraph
23 minutes ago
- Telegraph
Frasers Group is on sale – but you'll have to be brave to buy
For years, Sports Direct owner Frasers was an immense force on the British high street. It made big money and investors were richly rewarded, but the past 12 months have been more challenging, and the shares have slipped back to bargain basement territory. To Questor, this looks like an opportunity for brave investors to pick up stock for peanuts. Anyone prepared to look through near-term issues might find a lot to like. Frasers is not only a master of getting consumers to fill their baskets every time they shop in its sporting goods stores, but has also successfully moved upmarket. What's truly exciting is the potential to be a much bigger name overseas, and it's this international growth potential that seems to have been missed by the market so far. Success in the UK lays the blueprint to apply its retailing expertise in multiple geographies, and diversification in terms of where and how it makes money is only a positive from an investment perspective. Patience will be required, as the ongoing challenges from its latest results prove. Employment-related costs have gone up in the UK as a result of the most recent Budget, which means there is pressure to find new ways to save money and make operations more efficient.


Reuters
an hour ago
- Reuters
Gold steadies at over one-month high as weak dollar, bond yields lift appeal
July 22 (Reuters) - Gold prices climbed on Tuesday to their highest point in more than a month, supported by a weaker U.S. dollar and lower Treasury yields, as investors looked for progress in trade talks ahead of an August 1 deadline. Spot gold was unchanged at $3,390.69 per ounce, as of 0258 GMT. Earlier in the session, bullion hit its highest level since June 17. U.S. gold futures held their ground at $3,405.20. "Gold's move on the upside has been pretty much supported by positive technicals and as well as reinforced by a broad base of dollar weakness," OANDA senior market analyst Kelvin Wong said. The U.S. dollar index (.DXY), opens new tab was hovering near a more than one-week low against its rivals, making greenback-priced gold less expensive for other currency holders. Benchmark 10-year U.S. Treasury yields hit a more than one-week low on Monday. USD/US/ The European Union is exploring a broader set of possible counter measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. U.S. President Donald Trump has threatened 30% duties on imports from Europe if no agreement is signed before the August 1 deadline. "There could be a possibility that U.S. and the respective trading partners may not agree to the terms and condition and that potentially could see a bit of uncertainty and there could be some hedging activities by market participants going forward," Wong said. Also on radar, the European Central Bank is expected to hold interest rates steady at 2.0% following a string of cuts at the end of its policy meeting on July 24. The U.S. Federal Reserve monetary policy is scheduled for next week. Traders are pricing about a 59% chance of a rate cut by the Fed in September, according to the CME FedWatch Tool. Gold tends to perform well in a low-interest-rate environment. Spot silver eased 0.2% to $38.84 per ounce, platinum added 0.8% to $1,449.11 and palladium fell 0.2% to $1,262.89.