* Q3 CCS adj net profit 502 million euros vs f'cast 437 mln
* Q3 CCS adj op profit 1.14 bln euros vs f'cast 1.04
(Adds details, analyst, byline)
By Jonathan Gleave
MADRID, Nov 11 (Reuters) - Spain's Repsol posted a 70 percent year-on-year surge in third-quarter adjusted operating profit, meeting analysts' forecasts on Thursday thanks to a recovery in margins and oil prices from their slump in 2009.
Earnings edged lower from the record profit growth Repsol posted in the second quarter, due to slightly lower refining margins and oil prices, but still beat analysts forecasts at the net profit level.
"Repsol hasn't earned as much as in the second quarter but it has defended profits well in a tougher environment. Margins and oil prices are improving now, so these results bode well for the fourth quarter," Alvaro Navarro, analyst at brokerage intermoney said.
Repsol reported third-quarter operating profit adjusted for inventory effects and one-time gains (CCS adjusted EBIT) of 1.14 billion euros, in line with forecasts for 1.04 billion from a poll of 10 analysts.
Third-quarter net profit adjusted for one-time gains and inventory effects (CCS adjusted net profit) came in at 502 million euros, down from 535 million in the second quarter but above estimates for 437 million.
Repsol will host a conference call to discuss its results with analysts at 1500 GMT. (Reporting by Jonathan Gleave; Editing by David Holmes)