Galp said in a statement net profit, adjusted to reflect changes in the company's stocks of crude, totalled €109 million ($142.6 million), up sharply from a year ago when refining volumes were affected by a fire at its Sines plant.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 109% to €277 million.

The company did not provide any forward-looking statements.

Analysts polled by Reuters had forecast, on average, an adjusted net profit of €76 million and EBITDA of €200 million.

Galp said the euro's depreciation against the dollar also helped the results, as did an improvement in oil products distribution in Spain, even though demand in both the Spanish and the Portuguese markets shrank due to the economic crisis.

Sales rose by 25% to nearly €3.6 billion.

Galp's refining margin jumped 118% from a year ago to $3.2 a barrel after a steep fall last year.

Source: http://www.upstreamonline.com/Galp_coin_in