LISBON, April 27 (Reuters) - Portugal’s Galp Energia posted on Monday an adjusted first-quarter net profit more than double year-ago levels, in line with expectations, thanks to a sharp increase in its refining margins and higher oil production.
Galp had a net profit of 121 million euros ($132 million) in the quarter, up from 47 million euros a year earlier. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 50 percent to 398 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 122 million euros and EBITDA of 376 million euros. ($1 = 0.9197 euros) (Reporting By Andrei Khalip)