Galp's 2Q Adjusted Net Profit Hit by Depreciation Costs
July 29 2013 - 3:31AM
Dow Jones News
By Patricia Kowsmann
LISBON--Portuguese oil company Galp Energia SGPS SA (GALP.LB)
said Monday that its second-quarter adjusted net profit fell 33%
due to higher depreciation costs.
MAIN FACTS:
-Second-quarter replacement-cost-adjusted net profit--the figure
most closely watched by analysts because it excludes volatile
inventory effects--fell to 86 million euros ($114 million) from
EUR129 million a year earlier.
-Amortization and depreciation costs rose 45% to EUR139 million,
while turnover increased 1.5% to EUR4.62 billion.
-Galp's net loss in the quarter widened to EUR36 million from
EUR15 million.
-Refining margins improved to $3.40 a barrel in the second
quarter from $2.50 a year earlier.
Write to Patricia Kowsmann at patricia.kowsmann@wsj.com
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