Caltex boosts half year profit, maintains fuel market leadership

Caltex Australia has reported an unaudited half year 2015 Replacement Cost Operating Profit (after tax) of $251 million, excluding significant items, up 45% on the 2014 after tax profit.

The company, which holds a consumer fuel market share of around 33%, said that the transformation in its business model to an integrated transport fuel supply chain business maintains its position as outright leader in transport fuels across Australia.

With the closure of the Kurnell refinery and the establishment of Ampol Singapore to source our crude and refined product, our business model has changed, which will have implications for how we report our results going forward, Caltex Australia said.

“We have evolved to be an integrated transport fuel supply chain business, optimising the entire value chain from product sourcing to the customer. Ampol Singapore is now the largest source of refined product to supply our customers,” the company said.

Caltex’s Supply and Marketing segment delivered an EBIT (earnings) result of approximately $263 million for the 2015 half year, despite significant volatility in both the Australian dollar and the price of crude oil in the first six months of 2015.

Total sales volumes of transport fuels for the first half of 2015 were 7.8 billion litres, modestly lower than in the same period of 2014, reflecting primarily the impact of the timing of a major supply contract loss and the commencement of a new larger long term supply contract.

“We continue to successfully grow sales of premium fuels in Retail across both petrol and diesel, offsetting the decline in unleaded petrol and E10,” Caltex said.

Caltex supplies 250 Caltex branded petrol convenience stores and another 630 Woolworths Petrol/Caltex Alliance sites, 130 of which are Caltex operated.

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