* EBITDA up at 271 mln euros vs 265 mln forecast
* Refining margin up 83 pct on new diesel unit
* Oil output rises 24 percent
* Full-year profit drops 14 percent
(adds details, background)
LISBON, Feb 10 Portugal's Galp Energia
posted a better than expected 10 percent increase in
fourth-quarter net profit on Monday thanks to a jump in refining
margins and higher oil output and refining volumes.
Fourth-quarter adjusted net profit was 92 million euros
($125.3 million), against the 62 million euro consensus estimate
in a Reuters poll of analysts.
Adjusted earnings before interest, tax, depreciation and
amortisation (EBITDA) were up 16 percent at 271 million euros,
beating an average forecast of 265 million euros. The results
are adjusted to reflect changes in the company's crude stocks.
Galp said its refining margin rose to $1.70 per barrel from
$0.90 a year earlier, thanks to a new diesel production unit at
its Sines refinery. For the whole of last year, however, the
margin dipped by about 2 percent, contributing to a 14 percent
fall in net profit to 310 million euros.
Galp's oil output, which mainly comes from Brazil,
jumped 24 percent in the fourth quarter from a year earlier to
21,900 barrels of oil equivalent per day. The amount of oil
processed at its two refineries grew by almost 14 percent to
21.35 million barrels.
Sales of refined products to direct clients rose almost 12
percent to 2.6 million tonnes as Portugal's economy continued to
emerge from a long recession, while exports soared 34 percent to
1 million tonnes, helped by the new diesel unit.
"The marketing of oil products performed better than in the
same period a year earlier as the Iberian market for oil
products recovered and cost optimisation measures were
implemented," Galp said.
($1 = 0.7343 euros)
(Reporting By Andrei Khalip; Editing by David Goodman)