Galp Q2 Adjusted Profit Drops 33%

Portuguese company Galp Energia SGPS SA

reported a 33% drop in its second-quarter adjusted net profit. Galp's quarterly adjusted net profit declined to 86 million euros ($114 million), versus EUR129 million, in the year-ago period. Galp posted a quarterly net loss of EUR36 million, versus a year-ago loss of EUR15 million. Its refining margins rose to $3.40 per barrel from $2.50 per barrel.