Portugal Galp Profit Falls Less than Expected


LISBON, July 28 (Reuters) – Portugal's Galp Energia posted on Monday a smaller-than-expected 21 percent fall in second-quarter adjusted net profit after a drop in its refining margins and refinery maintenance, while its oil output rose.

Galp netted 68 million euros ($91.3 million) in April-June. Earnings before interest, taxes, depreciation and amortisation (EBITDA) fell about 11 percent to 271 million euros. The results are adjusted to reflect changes in the company's stocks of crude.

Analysts polled by Reuters had forecast, on average, an adjusted net profit of 48 million euros and EBITDA of 264 million euros.

Galp's net oil and natural gas output rose 13 percent in the second quarter from a year earlier, while its oil refining volumes fell 23 percent, mainly due to scheduled maintenance at one of its two refineries, in Sines.

Following international benchmark trends, Galp's refining margin fell to a negative $0.3 per barrel in the period from $3.4 a year ago. ($1 = 0.7448 Euros)


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