Galp Energia SGPS SA said its normalized net income for the first quarter was €186.6 million, an increase of 6,177.2% from €3.0 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 4.8% from 0.1% in the year-earlier period.

Total revenue climbed 36.6% on an annual basis to €3.87 billion from €2.83 billion, and total operating expenses rose 26.6% on an annual basis to €3.58 billion from €2.83 billion.

Reported net income came to €134.2 million, or 16 cents per share, compared with a loss of €57.7 million, or a loss of 7 cents per share, in the prior-year period.