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Galp Energia SGPS profit beats consensus by 24.8% in Q2

Galp Energia SGPS SA said its normalized net income for the second quarter came to 19 euro cents per share, compared with the S&P Capital IQ consensus estimate of 15 cents per share.

EPS rose 10.9% year over year from 17 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €154.1 million, an increase of 10.9% from €139.0 million in the prior-year period.

The normalized profit margin declined to 4.1% from 4.2% in the year-earlier period.

Total revenue grew 15.9% year over year to €3.80 billion from €3.28 billion, and total operating expenses rose 16.1% on an annual basis to €3.57 billion from €3.07 billion.

Reported net income grew 51.3% year over year to €99.5 million, or 12 cents per share, from €65.7 million, or 8 cents per share.