Spain's Cepsa Q1 net 119 mln euros, down 42 pct

MADRID, May 6 (Reuters) - Spanish energy company Cepsa (CEP.MC: Quote, Profile, Research) said on Tuesday its first quarter net profit was 119 million euros ($184.3 million), down 42 percent in year-on-year terms.

A company statement ascribed the drop to lower refining margins at the beginning of the year and the weak dollar.

After adjusting for fluctuations in the price of oil and refined products, Cepsa said its net profit would have been 67 million euros, down 60 percent from the first quarter of 2007.

Cepsa, in which France's Total (TOTF.PA: Quote, Profile, Research) owns 48.8 percent and Spanish bank Santander (SAN.MC: Quote, Profile, Research) has 30.7 percent, estimated that the weak dollar undermined net profit by 32 million euros.

The company added that foreign exchange losses had a particular impact on its exploration and production, and refining and distribution businesses.

Earnings before interest, tax, depreciation and amortisation (EBITDA) came to 332 million euros, which was virtually flat over 334 million a year ago.

Cepsa said it had agreed in April with Total to buy its 141 service stations in Portugal, but gave no financial details as it had yet to hand over any money for the deal.

Cepsa shares closed almost flat at 70.30 euros on the Madrid stock exchange -- a 1 percent fall for the year to date but a 13 percent outperformance over the DJ European oil and gas sector . (Reporting by Martin Roberts and Ben Harding; Editing by David Cowell)