Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Portugal’s Galp quarterly profit up 62%, below market forecast

0 comment

Portugal’s Galp quarterly profit up 62%, below market forecast

LISBON (Reuters) -Portugal’s Galp Energia reported on Friday a smaller-than-expected 62% rise in adjusted first-quarter profit as refining margins nearly tripled from a year ago, but crude production and oil prices dropped.

It netted 250 million euros ($276 million), below the 294 million euros expected on average by 21 analysts polled by the company, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), which slipped 1% to 864 million euros, were in line with predictions.

The company maintained its outlook for the full year, which includes adjusted EBITDA of 3.2 billion euros. The adjustments reflect changes in Galp’s stocks of crude.

Galp’s share of oil and gas production from projects in which it has a stake, mainly in Brazil, fell 8% year-on-year to 120,300 barrels of oil equivalent per day, reflecting the sale of Angolan upstream assets.

Brent oil prices dropped to an average of $81.2 a barrel in the first quarter from $102.2 a year ago, it said.

The refining margin rose to $14.3 a barrel from $4.8 a year earlier, taking advantage “from the reduced energy costs environment.”

($1 = 0.9058 euros)

(Reporting by Sergio Goncalves; editing by Andrei Khalip)