Portugal Galp profit beats expectations, EBITDA forecast upped
LISBON, July 27 (Reuters) - Portugal's Galp Energia posted on Monday an adjusted quarterly net profit nearly triple year-ago levels, beating expectations, thanks to recovering refining margins and a steep increase in oil output in Brazil.
Galp had a net profit of 189 million euros ($208 million) in the April-June period, up from 68 million euros a year earlier. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 64 percent to 446 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 150 million euros and EBITDA of 433 million euros.
Galp, which said earlier this month that oil output in the second quarter rose by 65 percent, also revised its 2015 EBITDA guidance to between 1.3 billion and 1.5 billion euros from 1.1 billion to 1.3 billion, with an average daily working interest oil output of 43,000 barrels of oil equivalent. ($1 = 0.9090 euros) (Reporting By Andrei Khalip)
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