Galp Q3 Adjusted Net Profit Surges 58%

Portuguese company Galp Energia SGPS SA

reported a 58% rise in its Q3 adjusted net profit. Galp's quarterly replacement-cost-adjusted net profit surged to EUR98 million ($127 million), from EUR62 million, in the year-ago period. However, analysts were expecting an RCA net profit of EUR92.8 million. Its replacement-cost-adjusted operating profit climbed to EUR173 million from EUR112 million, while unadjusted net profit rose to EUR173 million from EUR95 million. Galp's refining margins increased to $4.4 a barrel, from $0.9 a barrel. Galp shares gained 1.22% to close at $8.30 on Friday.