(Adds details, projections)
LISBON Feb 11 Net profit at Portuguese oil
company Galp Energia rose a better than than expected
10 percent in the last three months of 2012, it reported on
Monday, thanks to higher oil output in Brazil and a rise in
refining margins that offset weak domestic sales.
Galp said in a statement its share of oil production from
various projects where it has stakes rose 8 percent in the
fourth quarter from a year earlier to 23,400 barrels per day and
it expected a further rise to around 24,000 bpd this quarter.
It also expected its refining margin in Portugal to benefit
from a ramp-up in production from its new hydrocracker complex,
although marketing volumes would continue dropping "impacted by
the Iberian macro economic environment".
Net profit, adjusted to reflect changes in the company's
stocks of crude, totalled 83 million euros ($111 million) in the
fourth quarter, Galp said. Adjusted earnings before interest,
tax, depreciation and amortisation (EBITDA) also rose 10
percent, to 229 million euros.
Analysts polled by Reuters had forecast, on average, an
adjusted net profit of 76 million euros and EBITDA of 235
The company had earlier announced that fourth-quarter sales
of refined products slipped 1 percent from a year earlier to 4.2
million tonnes even though crude oil refining volumes rose
almost 17 percent. Portugal's domestic market is suffering from
the country's economic recession.
The company, mainly a refiner, has a 10 percent interest in
Brazil's giant Lula/Tupi offshore oil field and is a partner in
other Brazilian projects. It also operates in Angola and other
(Reporting By Andrei Khalip; Editing by Greg Mahlich)