Galp Energia SGPS SA said its first-quarter normalized net income came to €3.0 million, a decrease of 94.3% from €51.7 million in the prior-year period.

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

The normalized profit margin declined to 0.1% from 1.3% in the year-earlier period.

Total revenue fell 28.0% year over year to €2.84 billion from €3.94 billion, and total operating expenses fell 26.1% year over year to €2.83 billion from €3.83 billion.

Reported net income totaled a loss of €57.7 million, or a loss of 7 cents per share, compared with a loss of €39.4 million, or a loss of 5 cents per share, in the prior-year period.