LISBON, April 29 (Reuters) - Portugal’s Galp Energia posted on Tuesday a steeper-than-expected 38 percent fall in first-quarter adjusted net profit mainly due to a drop in its refining margins, even though oil output rose.
Galp netted 47 million euros ($65.1 million) in the period. Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose about 5 percent to 265 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 57 million euros and EBITDA of 270 million euros.
Galp’s and natural gas output jumped over 19 percent in the first quarter from a year earlier, while its oil refining volumes fell 23 percent due to scheduled maintenance. ($1 = 0.7223 euros) (Reporting By Andrei Khalip)