(Adds outlook, details)
* Net profit down at 47 mln euros vs f'cast 57 mln
* EBITDA up 5 pct at 265 mln vs f'cast 270 mln
* Refinery maintenance impact to be felt until early May
* Slow recovery in Iberian market
* Demand in Portugal still down
LISBON, April 29 Portugal's Galp Energia
posted a steeper-than-expected 38 percent fall in
first-quarter adjusted net profit, mainly due to a drop in its
refining margins and refinery maintenance, even though oil
Galp netted 47 million euros ($65.1 million), while core
earnings or 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 on average forecast an
adjusted net profit of 57 million euros and EBITDA of 270
The company's refining margin fell 39 percent from a year
ago to $1.1 per barrel in the first quarter following
international trends, Galp said, expecting some improvements in
benchmark margins in the second quarter.
Galp's natural gas output, which comes mostly from Brazil
and Angola, jumped over 19 percent in the quarter from a year
earlier, while its oil refining volume fell 23 percent due to
scheduled maintenance at its Sines refinery.
The volume of crude oil processed will continue to be
impacted by the Sines outage until the beginning of May, Galp
said. It expected sales to clients to increase thanks to a
projected slight recovery in the Iberian market.
Galp said its working interest oil output should drop to
around 26,000 bpd in the second quarter from 28,100 in the first
three months of the year, but that would exceed the 23,500 bpd
it produced a year ago.
Galp also said that although the market for oil products in
Portugal and Spain expanded by about 1 percent from a year
earlier in the quarter, it was thanks to higher demand for jet
and bunker fuel in Spain, while "demand for road fuels continued
to be impacted by the adverse economic environment".
Portugal's economy began to recover last year and is
expected to post its first full year of growth in 2014, yet Galp
said the Portuguese market for fuels still contracted by 3
percent in the first quarter.
($1 = 0.7223 euros)
(Reporting By Andrei Khalip; Editing by David Holmes)