Caltex Australia has reported a higher net profit for the first half to 30 June, 2015 of $251 million, versus $173 million in 2014 on a replacement costs of sales (RCOP) basis, with higher sales of premium fuels, up 5.4%, and convenience store shop sales up 3.9% year-on-year to $1.2 billion.
RCOP excludes the impact of the fall or rise in oil and product prices. The first half profit on a historic cost profit basis after tax was of $375 million.
“Strong progress was made in transforming the business model to an integrated transport fuels supply chain business, maintaining position as outright leader in transport fuels, whilst building on our leading retail convenience position,” Caltex said.
Caltex said that total sales volumes of transport fuels for the first half of 2015 were 7.7 billion litres, 4.4% lower than in the same period of 2014 (8.1 billion litres).
“Higher sales of premium grades Vortex 95 and Vortex 98 partially offset the long term decline in demand for unleaded petrol, including E10. Total petrol volumes fell 2.2% to 3.0 billion litres, broadly in line with industry trends,” Caltex said.
Total diesel volumes declined 5.2% to 3.5 billion litres that also reflected reduced diesel requirements as a number of LNG projects near completion.
Strong growth in premium Vortex diesel product across Caltex’s retail segment continues, with premium diesel representing 30% of total diesel sales.
Caltex said that its network development continues with 14 new to industry Caltex retail outlets completed out of 20 sites targeted per annum; four retail site rebuilds and refurbishments completed out of 15-20 targeted; and one new diesel stop completed out of five targeted.
Last year there were about 1250 Caltex-branded sites across Australia, with around 85% franchisee-operated.