CALTEX has reported a sharp fall in profit with a weaker Australian dollar and fuel outages crimping the bottom line at the group, Australia’s only listed refiner.
Underlying profit — which strips out one-offs and changes in the value of inventory — fell 28 per cent to $ 332 million in the year to December, the oil major revealed this morning.
Caltex stations across its key market of New South Wales ran out of premium petrol in the middle of last year following a problem with the company’s refinery at Kurnell, in Sydney.
The company’s refiner margin — the difference between the cost of importing standard Caltex products to Australia and the cost of importing the crude oil required to make those products — also fell from $ 7.22 to $ 6.33 a barrel as the Aussie dollar lost ground.
Statutory profit, which includes one-offs, surged 830 per cent from $ 57 million in 2012 to $ 530 million last year as Caltex booked profits from the sale of its Sydney bitumen business.
Last year’s results also included impairments related to the cost of transforming the Kurnell refinery in Sydney into a fuel import terminal.
Caltex declared a final dividend of 17c, down from 23c a year earlier.
It will be paid on April 3 to shareholders on the company register by March 11.