Portugal: Galp Energia Downstream Recovering in Q3
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Thursday, 12 November 2009 |
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Portugal's Galp Energia posted a 49 percent fall in adjusted
nine-month net profit as refining margins slumped 60 percent, but said
the downstream division started to recover in the third quarter.
Galp said its operating performance was "hurt by the current
economic downturn", but noted that its third quarter net was a 51
percent improvement from the second quarter thanks to a recovery in the
refining and marketing division. Oil production fell 8.6 percent in the
nine months to an average of 13,600 barrels per day. Refining margins
slumped 60 percent to $1.6 per barrel, while Galp's refining throughput
fell 16 percent to 8.5 million tonnes.
"Oil product sales are showing signs of upturn in Portugal," Galp said
in a presentation, adding that refining outlook was still uncertain and
dependent on economic recovery. Galp's net profit, adjusted to reflect
changes in the company's stocks of crude, fell to €179 million, still
beating market consensus of €163 million. Earnings before interest,
taxes, depreciation and amortisation (EBITDA) fell 36 percent to €472
million. Analysts had forecast, on average, an EBITDA of €441 million.
PetrolWorld 121109
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