LISBON--Portuguese oil company Galp Energia SGPS SA (GALP.LB)
said on Monday first-quarter adjusted net profit rose 51.5% helped
by an increase in oil output.
MAIN FACTS:
- First-quarter replacement-cost-adjusted net profit--the figure
most closely watched by analysts because it excludes volatile
inventory effects--climbed to 75 million euros ($96 million) in the
first quarter from EUR50 million a year ago.
- A Dow Jones Newswires survey of four analysts estimated an
average RCA net profit of EUR70.3 million for the period.
- Replacement-cost-adjusted operating profit in the first
quarter grew to EUR148 million from EUR99 million a year
earlier.
- Net profit in the quarter stood at EUR62 million from EUR172
million as the average Brent crude price dropped to $112.6 a barrel
from $118.6 a barrel.
- Refining margins improved to $1.8 a barrel in the first
quarter from $0.8 a barrel.
- Oil output increased 21.3% on year to 20,100 barrels a day,
with 60% of the total deriving from the company's operations in
Brazil.
Write to Carla Canivete at djmadrid@dowjones.com
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