Portugal's Galp Quarterly Net Profit Up 9%


LISBON, Feb 8 (Reuters) – Portugal's Galp Energia posted on Monday a higher-than-expected fourth-quarter net profit of 149 million euros ($166 million), 9 percent higher than a year ago, even as pre-tax earnings fell on slumping oil prices and refining margins.

For all of last year, Galp posted a 71 percent increase in adjusted net income to 639 million euros thanks to stronger oil output and an overall rise in refining margin during the year.

Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 22 percent to 309 million euros in the quarter, but still rose 19 percent in the whole year. 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 120 million euros and EBITDA of 318 million euros.

Galp said last month its oil output rose nearly 44 percent from a year earlier. ($1 = 0.8978 euros)

(Reporting By Andrei Khalip)


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