Caltex Australia Reports Lower After-Tax H1 Profit
Caltex Australia has reported an after-tax profit of A$196 million on a replacement cost of sales operating profit basis for the first half of 2008, compared with A$294 million or A$255 million before exchange rate adjustment for the first half of 2007.
The company reported net profit after tax, including inventory gains and excluding significant items of A$354 million for the first half of 2008, compared to A$368 million for the first half of 2007.
Growth in marketing earnings was underpinned by higher transport fuels sales volumes of 7.1 billion liters in the first half of 2008, compared to 6.7 billion liters for the first half of 2007. Caltex said that sales of regular petrol eased in line with the overall market, but registered growth in diesel, jet fuel and higher margin premium petrol sales.
Diesel sales volumes were 12.8% higher than for the first six months of 2007, while premium petrol sales volumes increased 6% and jet fuel sales were up 10.2%. Lubricants sales volumes and margins increased as did margins for specialties. Growth in non-fuel income continued with shop sales 3.9% higher in the first half of 2008 than in the same period in 2007.
Caltex refinery production and average utilization in the first half of 2008 were lower due to a major planned maintenance shutdown at the Kurnell refinery and unplanned shutdowns at both the Lytton and Kurnell refineries. Production of petrol, diesel and jet was at 4.7 billion liters, compared to 5.4 billion liters for the first half of 2007. Average utilization for the first six months of 2008 was 73%, compared to 85% for the same period of 2007.