Portugal's Galp Q3 profit falls 42 pct
LISBON Oct 28 (Reuters) - Portugal's Galp Energia posted on Monday a larger-than-expected 42 percent drop in quarterly net profit mainly due to much lower refining margins and higher oil extraction costs even as its output of oil and refined products rose.
Galp said in a statement the profit, adjusted to reflect changes in the company's stocks of crude, totalled 57 million euros ($78.6 million) in the third quarter of this year.
Still, adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) edged up about 1 percent to 312 million euros.
Analysts polled by Reuters had forecast, on average, an adjusted net profit of 72 million euros and EBITDA of 302 million euros.
The company had earlier announced that its crude output jumped 12.5 percent in the third quarter from a year earlier and the amount of oil it processed rose almost 5 percent.
Galp, mainly a refiner, has made a breakthrough into oil production over the past few years, thanks to a large extent to a 10 percent interest in Brazil's giant Lula/Tupi field. It is also a partner in other prolific Brazilian projects and operates in Angola and Mozambique.
($1 = 0.7250 euros) (Reporting By Andrei Khalip)
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