Portugal's Galp Energia saw its net profit rise by 62% to 250 million euros in the first three months of the year.

The data is contained in the statement sent this Friday to the Portuguese Securities Market Commission (CMVM).

According to the oil company, the quarter's net profit on an adjusted basis ('RCA', excluding non-recurring events and the 'stock' effect) "reflects taxes of 389 million euros, including 14 million euros relating to the Brazilian temporary tax on oil exports and 46 million euros from the Iberian 'windfall tax'", applied to excessive profits.

"Galp's results in the first quarter reflect a strong operational performance, namely in the industrial & midstream segment and in commercial activities. Free cash flow generation was robust at 352 million euros, allowing net debt to be reduced by 214 million euros in the period," the document states.