LISBON, Oct 26 (Reuters) - Portugal’s Galp Energia posted on Monday a stronger-than-expected 49 percent rise in adjusted quarterly net profit boosted by higher refining margins and a steep increase in oil output in Brazil.
Galp had a net profit of 180 million euros ($199 million) in the July-September period. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose about 9 percent to 411 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 153 million euros and EBITDA of 415 million euros.
Galp said earlier this month that oil output in the third quarter rose by nearly 44 percent.
$1 = 0.9065 euros Reporting By Andrei Khalip