UPDATE 1-Galp 9-mo profit halves on margins, beats fcast

* Adjusted net profit halves to 179 mln euros

* Some recovery in Portugal in third quarter

* Outlook still uncertain

LISBON, Nov 11 (Reuters) - Portugal's Galp Energia (GALP.LS) posted on Wednesday a 49 percent fall in adjusted nine-month net profit as refining margins slumped 60 percent, but said the downstream division started to recover in the third quarter.

"Oil product sales are showing signs of upturn in Portugal," Galp said in a presentation, adding that refining outlook was still uncertain and dependent on economic recovery.

Galp's net profit, adjusted to reflect changes in the company's stocks of crude, fell to 179 million euros ($268.2 million), still beating market consensus of 163 million euros.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 36 percent to 472 million euros. Analysts had forecast, on average, an EBITDA of 441 million euros.

Galp said its operating performance was "hurt by the current economic downturn", but noted that its third quarter net was a 51 percent improvement from the second quarter thanks to a recovery in the refining and marketing division.

Oil production fell 8.6 percent in the nine months to an average of 13,600 barrels per day. Refining margins slumped 60 percent to $1.6 per barrel, while Galp's refining throughput fell 16 percent to 8.5 million tonnes. (Reporting by Andrei Khalip)