Galp Third-Quarter Profit Drops After Refining Margins Narrow - Bloomberg.com
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Galp Third-Quarter Profit Drops After Refining Margins Narrow
By Joao Lima
Nov. 11 (Bloomberg) -- Galp Energia SGPS SA, Portugal’s biggest oil company, said third-quarter profit dropped 44 percent after refining margins narrowed.
Adjusted net income declined to 78 million euros from 139 million euros a year earlier, the Lisbon-based company said today in a regulatory filing. That compares with the 68 million- euro median estimate of analysts surveyed by Bloomberg News. Adjusted net income excludes one-time items and the effect of inventory changes.
Last Updated: November 11, 2009 12:28 EST
By Joao Lima
Nov. 11 (Bloomberg) -- Galp Energia SGPS SA, Portugal’s biggest oil company, said third-quarter profit dropped 44 percent after refining margins narrowed.
Adjusted net income declined to 78 million euros from 139 million euros a year earlier, the Lisbon-based company said today in a regulatory filing. That compares with the 68 million- euro median estimate of analysts surveyed by Bloomberg News. Adjusted net income excludes one-time items and the effect of inventory changes.
Last Updated: November 11, 2009 12:28 EST
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