July 31, 2017 / 12:47 PM / a year ago

Portugal's Galp raises EBITDA guidance for 2017

LISBON, July 31 (Reuters) - Portugal’s Galp Energia raised its forecast for annual core earnings on Monday buoyed by better-than-expected second-quarter refining margins.

Earlier, Galp reported a 14 percent rise in second quarter adjusted net profit to 151 million euros.

Its refining margin rose to $5.70 per barrel from $4.60 per barrel a year earlier.

“On top of a solid execution this year, we have had better-than-expected refining margins,” CEO Carlos Gomes da Silva said on a conference call.

“Our first half EBITDA is therefore higher than planned. And we continue to see supportive refining margins at least until the end of the summer season.”

“In addition, Brazil is going according to plan. So we confirm our production guidance. As such, we are now expecting full year EBITDA to be above our guidance.”

The company has previously forecast EBITDA at 1.5 billion to 1.6 billion euros.

First half EBITDA totaled 900 million euros.

Gomes da Silva said capital expenditure should increase in the second half of the year.

He added that a five-day strike which ended on Monday had had a “negligible impact”.

Reporting by Daniel Alvarenga, writing by Axel Bugge; editing by Jason Neely

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